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The cash out feature offered by online betting sites allows the bettor to settle their bet before the end of the event. By offering this feature customers are given the chance to either minimise losses or make any profit secure.
The amount offered as a pay out will depend on the live market price and will always be less than the potential winnings when placing the bet.
Cashing out with in-play markets has proved increasingly popular with online bettors as it gives them a chance to make money on what would otherwise be losing bets.
As an example, if a £10 bet were placed on Liverpool winning a match at 2/1 the cash out option would be offered throughout the match with an amount that would change with the way that the game was going.
If with 10 minutes to go Liverpool were winning 2-0 then the cash out would be slightly less than the expected total pay out of £30. But if Liverpool were losing then the cash out option would be much less. The attraction at this point would be that the original bet would be looking like a losing bet with no pay out.
Cashing out is available on singles and multiple bets on a wide range of sports. Some online betting sites allow customers to cash out just part of the bet – with winnings decided on a sliding scale – for even greater flexibility.
In 2016 a mystery bettor cashed out on a £1 21-game accumulator bet and received £223,000. He rightly ignored the chance to win £1.2m, as four minutes later his original bet would have lost.