This option is generally used in two cases. When your bet wins and when the bet loses.
If your bet is about to win, your bookie proposes you an amount less than the original profit. This makes your bet secure, as whatever happens next to the game, your winnings are a guarantee.
If your bet is about to lose, the bookmaker offers you a cash-out amount less than the original stake. This is giving you the chance not to lose all your money if your final prediction is not confirmed.
The cash out is available from the time you placed the bet and used in most cases during live betting.
Example - How does cash out works
Let's look at an example to make it more understandable.
In the game Arsenal vs Liverpool for the Premier League, you have bet €100 for Liverpool win, odds of @2.50. So your target is to make a clear profit of €150.
At HT with the score of 0:1 for Liverpool, the bookmaker offers you the option to cash out €180 and settle your bet as a winner.
At this point, you can accept the proposal, make €80 of profit, and not get involved more with the game.
Or, you can leave your bet open, to win the full amount (€250) if Liverpool will win in full time.
In the same game, if Arsenal wins 1-0 in the halftime, your bet is having now fewer chances to win.
Thus, the bookmaker makes a bid of €30 to buy your bet and gives you the ability to not lose all your money (€100).
Which bookies offer Cash Out?
Bet365 considered the best bookmaker offering the cash out feature. They offer it almost to all sports, in singles and accumulators.
Also, they are the only betting site that allows partial cash out request. A great feature that enables you to cash out a part of your bet, while leaving the remaining amount open.
At William Hill, you can only have it on football bets, 90 minutes markets and some in-play markets only. Recently they added it to some tennis markets too.
At Unibet, it is available on selected single bets and not for accumulator bets.
Why do betting sites offer Cash Out?
So, you are now wondering, why the bookies are giving you such an opportunity to cut your losses?
The main reason that betting companies offer Cash Out option is that players are liking it a lot. It makes betting more entertaining. It enables the player a direct settlement of a bet, so he can bet on another game.
In this way, bookmakers are raising the players' interest in betting in-play, so they bet again and again.
A second reason is that through the cash out button, betting companies have more profit. It may sound strange to you, but there is an explanation.
In the first example, with the score at 0-1 for Liverpool, your company offer a refund of approximately €180.
At this point, their odds formula understands that the real chances for Liverpool to win are more than 70%. So, the system offers the betting odds according to this formula.
This means that in 70% or more of the cases, they will have to pay the full amount. And, there is a 30% or lower of the cases, which they will not pay anything.
This option has created several discussions among players. Some of them are using it as a betting strategy.
On the one side are those players that they like to secure their bets with the flexibility of live betting. They also like to be in slow profit and not get annoyed by late goals.
But there are the also players who believe that by using this option, the term of value betting is gone.
The truth lies somewhere in the middle. This option can become a good weapon in the hands of the experienced player if used correctly. For example, if the team you selected is winning 2-0 in the 80th minute, it makes no sense to Cash Out.
Because the odds are in your favor and all you will do is to narrow the long profit from betting.
In another case, if the team you selected received a red card, the result has more risk involved. It would be better to accept the offer of the company and close your bet.
Let us know your opinion in the comments about this betting option if you are using it and your experiences.