Cash out betting is a relatively new concept for fixed odds bookmakers. It became popular because the process mirrors trading with an exchange bookmaker. Bettors can cash out existing bets before expiry. The objective is to guarantee a profit or limit the loss from open bets. The profitability of the bet does not depend on the final result of a sporting event. The value of the cash out depends on the stake and odds of the original bet and the odds at the time of the cash out request. Cashing out a bet gives the bettor more control because any winnings are not dependent on the final result going the way of the bet. Here are the best betting sites offering cash out betting:
What is cash out betting?
Cash out betting is closing a current bet to ensure a known profit or limit the loss. It is possible to cash out a bet during a live event or while an accumulator bet is still running. Pre-match bets or bets placed earlier during an in-play match can be cashed out. Bookmakers calculate the value of the cashed out bet based on the odds and stake unit for the original bet and the current odds when the bettor is considering cashing out a bet. When the match and odds move in favour of the bet, the cash out option will guarantee a known profit. When the match and odds go against the bet, the cash out option will limit and fix the odds and limit the liability.
Cash out betting is closing a current bet to ensure a known profit or limit the loss.
Bettors can also cash out multiple bets. For example, if a customer places an accumulator with four legs, there is the cash out facility if three of the selections have run or played. Cashing out an accumulator works best when there are different starting times. There could be one outstanding match or race after the first three outcomes have gone in favour of the bet. The cash out value depends on the odds and stake unit of the original multiple and the price for the one outstanding selection. The cash out option is insurance against the final selection losing after the earlier selections have won. There is still a profit if the final selection loses.
Cash out calculator
You can subscribe to a cash out calculator which works out the return from a winning bet, based on the stakes and odds. A cash out calculator does the work of a bookmaker by calculating the return from a cashed out bet. The accuracy of the calculation depends on the correct details in the calculator. The cash out calculator deals with Rule 4 deductions and dead heat rules. The result is available within a few seconds of the bet details being added to the calculator. The tool can deal with partial or full cash out bets. Customers must decide to cash out a bet or not after using the bet calculator and if not betting continues at the fixed odds.
New UK players offer. Min dep: £10 | Wagering: 1x on 2+ matches in combo bet | Min total odds: 3/4 (1.75) | Eligibility: £10 bet | Cashed out bets excluded | Full T&Cs apply | 18+ | BeGambleAware.org
How does cash out betting work
You can cash out bets with a fixed odds bookmaker and on a betting exchange. The result is the same but the process is slightly different. Cash out betting allows the bettor to have more control. This is because a cash out bet guarantee a profitable bet or puts a limit on the liability from a losing bet. Here is a worked example of cash out betting for the two types of bookmaker:
Fixed odds bookmaker
The back bet is £10 at 10/1 and the match goes in favour of the bet so the automatic cash out bet is £55 at Evens. The return from the back bet is £110 which is the stake (£10) and the profit (£100). The loss from the lay bet is £55 so the net profit is £45 if the bet wins.
Similarly, if the bet loses the loss from the back bet is £10 but the profit from the lay bet is £55 for a net profit of £45. The cash out procedure guarantees a profit of £45 regardless of the outcome of the match. The final outcome is now irrelevant because the bet is no longer open.
T&Cs: New UK members only | Min. dep.: £15 | Wagering: 8x (bonus + deposit) | Min. odds: 4/5 singles, 2/5 accas | Max. bonus: £50 | Valid: 60 days | Full T&Cs apply | 18+ | BeGambleAware.org
The initial bet is a back bet for £10 at 11.0 in decimal odds. If the match goes in line with the bet, it is possible to lay the same outcome at 2.00 for £55. If the final result is in line with the first bet the profit from the back bet is £100 and the loss from the lay bet is £55 for a net profit of £45.
Conversely, if the final outcome goes against the bet the loss from the back bet is £10 but the profit from the lay bet is £55 for a net profit of £45. So, the net result is the same regardless of the final outcome. The guaranteed profit in the betting exchange is the same as the sportsbook profit.
Cash out sports and markets
The most popular sports for cash out betting are football and tennis. In both cases the match winner market is the most common for the cash out option. In a football match, if you back the home team and they score the first goal, you can cash out the bet to ensure a profit. Conversely, if the away team score first, the cash out option limits the loss.
In a tennis match if you back a player to win the match the cash out will mean a profit if the backed player scores the first set. However, if the backed player loses the first set the cash out option will control the maximum liability. In both cases, the bettor takes control of the bet by guaranteeing the profit or limiting the loss.