Everything You Need To Know About Cash Out Betting
For many bettors, the experience of a last-minute loss is truly heartbreaking. After all, you’ve done everything right. You’ve done your research, compiled statistic after statistic, placed your bet — and it’s working. You’re at 90 minutes plus four, or the final set, or the last furlong… and suddenly, it all comes crashing down. A sudden goal, an unforced error, a forced error — these last minute mistakes can be the difference between a successful bet and a howl of frustration.
For many years, the above scenario was all-too-familiar for punters. They had no control; nothing they could do but hope that the event concluded the way they had predicted it would. This meant many nervous punters spent the concluding few moments of an event on the edge of their seat, wondering why everything was in slow motion, hoping that the result they wanted would prevail. Occasionally, all would be well, and they’d see their bet settled in their favour. But often, and arguably all too often, the result was very different, and a spectacular win would become a spectacular failure.
However, the above scenario is no longer a fixture of modern betting. The vast majority of bookmakers have introduced a Cash Out service to protect against last-minute heartbreak; below, we’ll go into detail about what this is, how it works, find the answer to whether you can cash out a bet in store, and many more besides.
What Is Cash Out?
Standard bets run for the full course of an event. For example, if you bet on a football match, you’re going to have to wait (at least) 90 minutes to see a result on your wager. If the team you have bet on goes 3-0 up, you can probably rest easy for the rest of the match. If the team you have bet on remains at a fraught 3-2, then you’re in for a serious case of last minute jitters as described above.
Bookmakers introduced a Cash Out feature to make those last minute jitters a thing of the past, if you so choose to engage. The function is incredibly simple: from the moment you place your bet, you have the opportunity to Cash Out. This means you have the opportunity to end the bet and settle early.
With most bookmakers, you can choose the option to cash out your bet as soon as the bet is finalised. This means that you can choose to end the bet, accepting what is effectively an offer from the bookmaker. If the match has yet to begin, you will be able to cash out immediately, usually for around the same amount as your stake — so if you bet £10, then you’re able to click the Cash Out option, and you’ll see £10 (or potentially slightly less by a few pence, depending on the bookmaker) returned to your account. At this point, prior to the match beginning, Cash Out services as a function that lets you undo a mistake made while placing a bet, only suffering a minimal loss as a consequence.
However, when the match begins, the Cash Out options really begin to build. From the kick-off, you will see the Cash Out offer begin to change. Let’s say that you have bet £10 on Team A to win at odds of Evens or 2.00; a potential £10 profit if you win. Team A take the lead with a single goal, you may be offered around £16 to Cash Out and end your bet. This will deliver a £6 profit back into your betting account, and you can watch the rest of the match in peace.
If you decline the Cash Out opportunity, the numbers will continue to change. If Team A go ahead by two goals, you can expect to see the number rise again, perhaps up to £18 or £19 — the number is not fixed, and different bookmakers use different calculations. You could then accept the Cash Out and end your bet, accepting the declared profit, if you can continue on to the final whistle in the hope that Team A’s dominance continued.
Alternatively, let’s say you place the same bet, but Team B take the lead with a single goal. Again, the Cash Out options will present themselves, but this time, they will be to your detriment. For example, you will be offered a Cash Out value of around £6 — which means you would make a £4 loss on your actual stake. If Team B score another two goals, then your Cash Out offer will drop to virtually nothing.
What Are The Advantages and Disadvantages Of Cash Out?
- You have the opportunity to end the bet if you are happy with how the match is progressing. If an underdog you have backed takes the lead, then waiting for the match to finalise is likely to bring those last minute jitters into play — but cash out prevents this being necessary.
- You also have the opportunity to minimise your losses. If you have bet £10 and are offer £6 as a Cash Out option, then yes, you’re going to make a loss of £4. However, this may be worth accepting; after all, if the match concludes and you lose the bet entirely, then your loss is £10 rather than just £4.
- Cash Out betting also provides the opportunity to retract a bid even when it is finalised. You may incur a small loss for this of around a few pence, but this is preferable to losing your entire stake on a bet you didn’t even intend to place.
- Like so many elements of betting, Cash Out involves an element of luck. If you decide to hit the “Cash Out My Bet” option as the team you backed has taken the lead, then you’re effectively surrendering some of your profits. In our example, you may be happy with £16 back from a £10 bet, if you had stayed in the bet to the end, you would have had an additional £4 in profit.
- There is also the chance that a similar disadvantage to the one described above will happen, but time to your detriment in terms of cashing out to avoid a loss. In our example bet, if you choose to use the Cash Out option for £6 because your chosen team is losing, then the rest of the match will inevitably be rather nervous. If your team managed to pull back a result, you will find yourself in a scenario where you have made a £14 loss on a £10 bet – and that can be rather difficult to accept.
- Unfortunately, your Cash Out offer will be at its most valuable when the possibility of experiencing the scenario above is at its highest. If, using our example again, Team A go 1-0 behind with 10 minutes gone, then your Cash Out amount will be relatively high, so you will only make a small loss. However, if that 1-0 margin continues for the next 50 minutes, then your Cash Out value will slowly be surely drop. As that result enters the final few minutes of the match – a point at which you may be most in need of the ability to abandon your bet – you will only be able to Cash Out for a few pence. This means that Cash Out can lead you to make rash decisions, panicking when your chosen team goes behind, and putting you in danger of Team A making a comeback that may have resulted in profit for you.
As you can see from the above, Cash Out offers a number of advantages, but it’s important to know the potential downsides also. If you do decide to select a bookmakers Cash Out offer, then such a decision may go in your favour — but it may also go against you.
Why Do Bookmakers Offer Cash Out Options?
We’ve discussed the advantages and disadvantages of Cash Out for bettors, but what about bookmakers?
In many ways, the advantages and disadvantages are the same — but flipped. If you, the punter, decides to cash out their bet too early on in the match, then the bookmaker saves money. If, using our example again, you cash out at £6 and Team A then goes on to win, Cash Out has saved the bookmaker £14. The reverse is also true, so if you use Cash Out well, then the bookmaker misses out on collecting your full stake, and instead returns some to you as part of the Cash Out.
As well as potentially saving money, Cash Out is offered by bookmakers primarily because it’s popular. Bettors like having the option to Cash Out if they feel they need to, and they are more likely to use a betting site if this option is available. Given the depth of the betting market, bookmakers have to do all they can to embrace bettor’s preferred habits, and they will use their own research and skills to ensure Cash Out is weighed in their favour as often as possible to compensate. One thing we can be sure of is that Cash Out would not exist if it didn’t benefit the bookmakers; as the practice is well-established and widely offered in modern betting, it’s fair to assume that it’s here to stay — and rather uniquely, its place is welcomed by both bookies and bettors.
Can You Cash Out A Bet In Store?
If you also visit betting shops as part of your overall strategy, then you may have wondered whether you can cash out a bet in store. Given the popularity of this practice, it seems only that this online practice would have continued to the point where there are number of bookmakers that cash out in store on British high streets.
However, this isn’t the case. The main issue is one of logistics. Cash Out calculations take time; this is why, when betting online, Cash Out will often temporarily suspend, in order for it to be adjusted in line with what’s happening in the event. For example, Cash Out often suspends if a team is awarded a corner, breaks into the 22, or moves to match point — this is so the bookies can adjust their offer to compensate for the sudden change. This is a process that is relatively easily managed with software, but far more difficult in an actual store.
Imagine a scenario where a number of bettors are sitting watching a football match at a bookmakers retail store. The match goes to 1-0, and every bettor suddenly has the same idea: “I need to cash out my bet as soon as possible.”
Before you know it, the counter would be swamped, and there’d be chaos in regards to who could request a Cash Out and who couldn’t. As a result, bookmakers that cash out in store are rare — but there is one bookmaker who offers such a service.
Details On Coral’s Bet Tracker
Coral’s Bet Tracker service is unique; as we have discussed, few bookies are willing to allow cash out in store due to the question over how smoothly the process could be managed. However, Coral do allow cash out in store, and it’s well worth learning more about this if you’re a regular user of the renowned bookie.
Coral’s Bet Tracker is relatively simple. You download an app, which then allows you to scan a barcode on your betting shop receipt. You can then track the progress of your bet and, if you decide to cash out, do so by either returning the counter or obtaining a special code to be redeemed online. This means the Cash Out My Bet process, as Coral call it, is managed digitally, so there’s no sudden rush for the counter.
At present, Coral’s Cash Out in store option is unique in the betting world, but it offers a convenience and flexibility that will hopefully be similarly adapted by other high-street bookmakers in the future.
Cash Out is a great way to halt the progress of a bet gone awry, but it’s not without its risk. You should always consider Cash Out as part of your betting strategy, and be 100% sure you’re aware of the potential loss if you hit the button and request a Cash Out. If you keep this in mind, then you should be able to just the feature to benefit your overall betting experience.