Cashout Betting Term Meaning
Cash out is a betting tool that was invented by Betfair for punters to use on its betting exchange platform. In short, it allows you to get money back on your bet before the event or events you are betting on have finished.
The popularity of being able to cash out a bet soon spread, and now any bookmaker worth its salt will offer its punters this innovative feature. The cash out button will usually be highlighted on your bet slip and it becomes live shortly after an event has started.
Having the option to cash out can be extremely beneficial as it means you won’t have to wait until the event has concluded before you can take a profit from your wager. For instance, you’ve placed a bet on Chelsea and Spurs to draw in the FA Cup and the score is 2-2 with 15 minutes remaining. All you need to do is press the cash out button and you’ll get a percentage of your expected returns.
It’s also worth noting that you longer you wait, the higher your returns will be. For example, you’d get a bigger profit if you decided to cash out in the 85th minute compared to the 75th. However, you’ll also need to carefully calculate the risk vs reward. If one of the teams score in the 85th minute, there’s a good chance your bet will lose. You can also cash your bet out of it’s currently losing. In this instance, your returns will be much lower than your original stake.
What are the different types of cash out?
There are three things you should be aware of in terms of cash outs. They are as follows:
Full Cash Out - This is simple. You’ll cash your bet out in full and move on with either a profit or a loss.
Partial Cash Out - More established operators like bet365, Paddy Power and Betfair give punters the chance to cash out and still leave some of their stake active. This is known as partial cash out. Something to be aware of is that the original bet is settled in full based on the cash out amount offered by the bookmaker. A new bet is then placed using the remaining stake amount and the new odds at the time. For example:
- You bet £20 on the LA Lakers to beat the Boston Celtics by more than 20 points, at odds of 6.0 (5/1) returns £120 (incl. stake)
- With 4 minutes left on the clock, the Lakers are leading are leading by 27 points. The cash out value the bookmaker’s offering is £70. The current odds for your original wager are now 1.50 (1/2)
- You decide to cash out £50, this leaves £20 remaining. This £20 is a new wager placed at 1.50 which returns £30
Suspended Cash Out - If you’re unable to cash out your bet it’s usually because a major incident has occurred such as a penalty being awarded, a goal scored or a red card handed out.
Cash out is also available on accumulator bets. These events could be running simultaneously or they could be staggered such as an afternoon’s horse racing action. In this case, as each leg/fold is settled, the cash out value increases. One Sky Bet punter cashed out a £1, 6-fold horse racing acca after bagging 5 winners. He took the offer of £19,978.54, which was lucky as his 6th horse came in 9th.