What is Cash Out Betting
Cash Out is an online sportsbook feature that allows you to get money back on a wager that has yet to complete. Cash Out is used in live betting once an event has begun or a parlay bet is underway. Either lock in a profit or limit losses by closing the bet before all events have completed.
Win Your Bet Even When It Loses
It is possible to make a profit on a wager even if the bet is a loser with Cash Out
Best Sportsbooks for Cash Out Betting
Cash-out is a new concept to sports betting in the US. Bet365 in New Jersey has introduced the system which is one of the most popular features on betting sites across Europe. Not all sportsbooks have introduced the option of cash out yet, but you can find details of which do within your state by hitting the state tabs above
Select Your State Above
Choose the state you wish to bet in to see which sportsbooks offer the cash-out feature for your sports wagers.
There are 4 Online Sportsbooks we have reviewed here at OLBG that offer Cash-out Betting
||Sportsbook||Cash Out Available||States|
||YES||NJ, IN, IL, IA, CO, MI
||YES||NJ, IN, CO, WV, NV, TN, IA, PA, MI, VA
Alternatively, click on your state below to see a full list of legally operating available sportsbooks.
How Does Cash Out Work?
This article will explain everything you need to know about the cash-out feature which is now a common part of betting - especially on Football parlays
Cash-out has become very popular in recent years and is a sportsbook feature that allows you to settle your bet at any given time before the event or events finish for a set payout.
That amount varies depending on how likely your bet is to be successful.
Cashing out on Football Parlays
It is most commonly associated with football or basketball parlays with punters cashing out of bets either late on in matches or when several matches are already successful and there is one match remaining on the bet .
How Does Partial Cash Out Work?
Partial cash out gives you more control over your cash out.
With full cash out the decision is solely whether or not to completely settle your bet there and then.
After a winner, you may be able to remove your original stake
With partial cash out you can cash out any percentage of your bet and leave the rest to run.
For example, you might decide you are willing to give up some of your winnings in order to ensure you don't lose your original stake amount, leaving the rest of your bet to ride as normal.
This spreads out the risk/reward of cashing out.
When Should You Avoid Cashing Out?
Cash-out is heavily pushed by sportsbooks with good reason - the odds heavily favor them.
It's true that some sports bettors win from bets they would ordinarily have lost from but it's also true that some punters win a lot less from bets that would have yielded a higher return had they not cashed out.
Understand the value of the cash-out option
The really important factor is the value perspective of cash out. In exchange for having the option to easily take a sum for an unsettled bet, you lose out on a lot of value.
For example, you might stand to win $600 if the last leg (a +200 shot) of your $30 +1900 parlay wins.
This means your bet at this time is effectively $200 on that selection at +200
If you cashed out at the true odds your return would be that running on total of $200.
However, the cash-out option will offer you much less than the true value of your bet so far and is actually more likely to be around $100 in this example.
How about a Dutching Alternative?
A slightly more complicated alternative to laying the remaining selection is to 'dutch' all the other outcomes in the event (read more about dutching here).
This is relatively straightforward if you have backed a team to win a match as there are only two other outcomes (the draw and the loss) but much more complicated if you've backed a horse to win a 20 runner race.
When Should I Cash Out?
As cash out through the sportsbooks offers a convenient but poor value method of ending your bet early it should only be used if you want to 'cash out' but can't do so at better value through dutching the other outcomes.
Cash out is usually used on parlays and a lot of punters include many teams in their wagers with potential returns often in the thousands or tens of thousands.
A lot of punters don't have the money sitting around to dutch their bet or cover all the other outcomes so they can only use the cash out function or let the bet ride.
The Great Leicester City Cash out fiasco
There is a classic case of when NOT to cash out from the 2015/16 soccer season in England, where many bettors made the wrong decision
Although the stakes were relatively small (£10 or less many) the odds of +500000 were huge.
Stories of punters cashing out for huge amounts towards the end of the season often hit the headlines and in many cases, those punters who stood to win in the region of £50,000 would have won a lot more by laying their bet off on Betfair.
However, they would have needed to have tied up around £10,000 to £15,000 on the exchange for a few months and not many had that option so had to accept the cash-out amount.
It might also be impossible to lay/dutch your way out of a bet if several selections are all in play at the same time.
If you've placed a 5 team parlay on teams that all play at the same time, all the games are going to end at pretty much the same time, you've only 2 options. Cash-out or let it ride.
Important cash out consideration
The most important consideration when deciding whether or not to cash out is to remember that you are effectively backing your bet NOT to win.
Did Your Bottle go?
Or has your confidence changed in your original bet. Or, are you happy with locking in any profit regardless of the result?
Cash Out Can Test Your Bottle
To cash out or not cash out. If your bottle goes and you want to lock in a profit you can, but will you end up cashing out on a winning bet and getting less in return?
Is your original thought pattern still true?
That's the same bet you originally backed to win.
And you are most likely backing the bet not to win at worse value than when you backed it. If you are still confident about your bet winning it doesn't make sense to cash out.
If you no longer think the selection will win, perhaps due to some important team news or a going change at a racecourse, then cashing out/laying off is a good option to consider.
OLBG Members thoughts on Cash Out
One great thing about the OLBG community is the wealth of betting experience our members can bring to the site and share for each other's benefit.
As you can imagine, Cash Out has been a huge debating point since its introduction, and here I what some members had to say about it.
Positive Comments on Cash Out
If you are happy with making a profit as I am, then I am more likely to cash out rather than try and bleed the last drop of blood out of it. I am happy with a profit, I am unhappy with a loss, big or small.
OLBG Member 'pumpandball'
I use it and I like that you can do it in play (on bet365 anyway). For sure the bookies make a margin but I don't care about that. Circumstances change so I may not always agree with my initial bet.
OLBG member AntonyOLBG
I think it's a handy thing to have. Simply speaking I have had 3 x payouts over 100 bucks and all acca bets have lost.
OLBG Member 'jaydubs'
Negative Comments on Cash Out
Not all feelings about cash out are positive. To balance this section, here are some member thoughts who are not so keen on the function.
Normally when I look at a cash out on one of my bets, the return that they are offering you is so much lower than what you would get by hedging. I'd say 10-15%. I just feel like it's another way for the sportsbooks to make money, in a big way
OLBG Member 'Insideman'
With betting everything is based on value for me and I rarely find that cash out is the value call.
OLBG Member 'The Shark'
People who cash out when they are waiting on 1 team who play later that evening or the next day drive me crazy. Why put the extra team in if you’re going to cash out for a less amount than if you hadn’t put the extra team in
OLBG Member 'doc2008'
Think about what sportsbooks like to advertise. They want to push things that make them the most money. They offer incentives for punters who place parlays because that is what they make the most money from.
Cash Out Related Questions
Cash Out Related Questions [UK]
How does cash out work?
Cash-out works by offering you an amount to close your bet before it is has run its course. You will have a constantly updated cash-out offer which you have the choice to either accept or decline. There are other cash options such as partial cash out and automatic cash out too.
Why is Cash Out unavailable
Cash-out may not be offered on every market that you like to bet on. Usually cash out is very clearly marked when available and on some occasions, it will be stated that cash out is not available. A good example of this is on Betfair sportsbook, where cash out is almost always available on win bets on horse racing but almost never on the place betting markets. You can reply on Betfair for cash out unavailable to coincide with markets that do not go in play on the exchange
What does cash out suspended mean?
When you see cash out suspended appearing on your betting app, it usually means that an event of some significance that will change the beating odds has just happened and a new market will form shortly. A good example of this is in a football match. When a goal is scored odds change significantly and whilst that happens the cash out facility will be suspended until the new prices are available.
Can you cash out an accumulator
Cash-out was almost certainly designed for the purpose of being able to cash out on accumulators. As long as each selection and bet included in the accumulator is available for cash out then cash out should be available. If you have an accumulator with 7 selections and just one of those markets does not offer cash-out then you will not be able to cash out that accumulator.
Can you cash out a free bet?
Generally, you are not able to cash out on free bets, but there are exceptions. There are many regulations that come with using free bet credits so it is best to check the terms and conditions with the provider to see what their specific rules on cashing out free bets are.