There are several betting sites that now allow customers to cash out their winnings early
An early pay-out used to be something that Paddy Power would do for PR purposes, with the Irish bookmaker often paying out on a team winning the Premier League title when their lead was practically unassailable.
However, 2016 has well and truly been the year of Cash Out, partly thanks to the amazing success of Leicester City which has demonstrated how several Foxes fans have been given the option to bank life-changing amounts before their team won the title.
Cash Out is something that was firstly pioneered by betfair in the UK and it stemmed from their exchange model giving customers the chance to back and then lay to “go green” on a particular betting market. Betfair then built this into their fixed-odds betting product to great effect.
Cash Out means you can take the money and run before a sporting event has finished. It could be a football game, a tennis match or even an antepost horse racing market.
Having the Cash Out facility gives you more choice than ever before. If you place a bet with bet365 and then change your mind shortly afterwards, you can effectively cash out your original stake minus a little bit.
If your bet then gets likelier to win, eg if you back Manchester United to beat Arsenal and they take a 1-0 lead, then your bet has a Cash Out value far greater than your original stake. So there’s the option to take a profit.
Naturally, the Cash Out value is never bigger or the same as the potential winnings you would land from your original bet, so it’s important to sometimes stick by your guns unless the plan was to always go for Cash Out should it become available.
The same applies with cutting your losses. Cash Out can work particularly well when you place a bet and have to swallow your medicine and accept that getting some of your stake back is better than a complete losing bet.
Paddy Power are another bookmaker who specialise in Cash Out betting and that is available for many football, horse racing and tennis markets. The amount you get offered for Cash Out is calculated by the trading team and it can be compared to the Dealer’s offer on Deal or No Deal.
That means that the bookies usually want you to stay in the bet so don’t expect a dazzling offer to take the money and run. They actually want to limit their payout by offering you a modest amount and it’s your choice whether you are going to take it or not!
Bet365 have introduced something called Partial Cash Out using sliders to great effect. It means that if you place £100 on Liverpool winning the title at 10/1 and they get off to a flyer, you have the option to Cash Out some money so that you bank a profit but still keep part of your stake in the bet.
William Hill also have Cash Out and there was a recent example where a punter backed Wigan at 9/1 and placed £100 on this selection. As the season drew to a close, the Latics sat behind Burton in the League One table and the Cash Out offer was £350 rather than the potential £1000 return.
Wigan ended up winning the league which goes to show that Cash Out would have been the wrong option but some customers go by the adage that making a profit every time they place a bet is a good way forward.
Most bookmakers now offer Cash Out but some only offer it on selected markets, with some firms using a particular symbol to notify whether you would be able to Cash Out on bets further down the line.
Cash Out is particularly good for multiple bets, with punters enjoying a weekend accumulator on football teams that can often mean they stand to win a large return should all the legs come in.
So if you place a five-team accumulator with Sky Bet and four teams have won before the fifth match kicks off, then you are given a pretty decent Cash Out value which could tempt you in to take the money and run.
Betting is often about gambling with your judgement and Cash Out should only be used if you feel that the return is the right way forward. It’s a sickening feeling when you Cash Out too early although this facility always gives you an additional option.
Several bookmakers offer a Cash Out value as soon as you have placed a sports bet, although that could be suspended at any time, with operators reserving the right to withdraw their offer.
For further information on Cash Out betting, we recommend paying a visit to the Paddy Power website where they have set up a special homepage devoted to this type of wagering.
It’s available on singles, multiples and accumulator bets wherever you see the Cash Out logo. You should always make a note of when you have Cashed Out and what the outcome happened to be. Then you can understand whether your decision-making with this option turns out to be right more of the time or whether you should have just let your bets ride!