The digital age has given online bookmakers the chance to bring in new innovations in order to add excitement and interest among the betting community. Live betting is a great example of a product that has thrived in recent years and for many, in play is now the preferred option over ante post.
More recently, the concept of cashout has come along and this is also proving popular among bettors for a variety of reasons. The basic mechanics of cash out betting are very simple to understand but, as you might expect, there are different approaches and a choice of options that help you take advantage.
In this guide, we’ll ask the question what does cash out mean and look at the various ways in which punters could use it to their advantage.
The most common use of cashout involves taking an early profit if your bet is winning but you are not confident that it will get over the line. Most things are best explained using examples and cash out betting is no different so let’s say that I have placed a bet on Arsenal to beat Liverpool in the Premier League.
I’ve taken odds of 2/1 on that outcome and staked £10.00 so, if I work out my bet at this point, I can see that I would win £20.00 with my £10.00 stake also coming back to me so, £30.00 would be returned into my account if Arsenal win and I let the bet ride for 90 minutes.
However, let’s suggest that Arsenal are winning 1-0 after 80 minutes but I’m not confident that they will go on to win. Perhaps Liverpool are creating many chances to equalise and that the draw could be the most likely outcome or perhaps Arsenal have just had a man sent off. In this instance, I can log on to my bookmaker account and see if there is an option to cash out early.
For the sake of this example, the bookie in question is offering cashout at reduced odds of 11/10. I decide to take those so I just click the accept button and I receive a profit at those odds, irrespective of whether Arsenal go on to win that game.
Obviously the odds have been reduced so, instead of the £30.00 return that I would have received, if I work out my bet now I have made a profit of £11.00 plus my £10.00 stake, giving me a £21.00 total return.
When any new innovation comes along, bookies are always looking for ways in which to make it more interesting and the same applies to cash out betting. So, the answer to the question, what does cash out mean has been answered above in its most common form but, there are other options.
One of these is partial cashout and its title should give you a good indicator as to how it works. Once again, we can refer to the example used above and the £10.00 bet on Arsenal to beat Liverpool at ante post odds of 2/1. We’ll also assume that they are winning 1-0 when it comes to considering the following cashout option.
With partial cashout, the bookmaker concerned may give me the option to split the stake in half, cashing out on £5.00 and letting the remaining £5.00 ride until the game finishes. Again, we’ll say that the cashout odds are set at 11/10 so, if I work out my bet now, I get the following sum if Arsenal go on to win the match.
£5.00 x 11/10 cashout odds = £6.50 profit
£5.00 x 2/1 standard ante post odds = £10.00 profit
When the overall stake of £10.00 is added, a total of £26.50 is returned to my account.
Partial cashout is a good alternative to the full version for those who want to keep their interest in the match while taking an early return.
Those two examples give a perfect answer to the question what does cash out mean but there are some additional terms to keep in mind.
Points to Note
Bookies will state that the cashout price is not guaranteed and that’s because the odds quoted will be from their live markets. As anyone who bets in play will know, live odds are very volatile and can change very quickly depending on how the event in question is developing.
Whilst the guarantee isn’t given, you can make sure you have the best chance of getting the price by making a quick decision and clicking the accept button without any delay.
In terms of finding the cashout option, this can usually be located by logging on to your sportsbook account and heading to your active bets. A list of these will be produced and if cashout is available, a button should show and in most cases there will also be a calculation which helps you decide whether or not you wish to proceed.
The cashout feature may be more prominent on an app so, if you like to bet on the go, make sure you download these from your favourite bookies so you can gain quick and easy access to the cash out betting feature.
Lastly, while we’ve used football as our example here, cashout can be used on many sports including horse racing, golf, tennis and more but not all sports are covered and certain bookies are better than others in terms of their cashout package so check each bookmaker to find out exactly what is covered.
While we’ve answered the question as to what does cashout mean in terms of single bets, you can check our bookmaker reviews and you can also read the full terms and conditions that each bookie lists on their relevant page.
In summary, this feature allows you to take a reduced profit if your bet is winning at the specific time and can be very useful to have if your pick is leading but is looking like they may not close out with a win at the end of the event.