With the popularity of sports betting and new legal bookmakers being created frequently, the bookies had to be creative and find ways to attract punters to their sites. One of the innovative ways they are doing this is by offering the cash-out option.
So, if you want to know what cash out means and how it works, continue reading this Wizard Slots blog post.
What Does Cash Out Mean?
A cashout is a feature often found in bookmakers and sports betting sites that allows you to settle your bets before the event is complete. You can use this feature if you are unsure about your bet so you want to withdraw from it without losing too much.
For example, let's say you placed a bet on horse racing. It is now the middle of the race, or it is coming towards an end; perhaps there are 15 minutes left, and your horse seems to be losing. You may have the option to cash out with a set amount of money. You can either accept or choose to see the game through. But you cannot cash out after the game is complete.
How much of your money back you receive from a cash-out may depend on how far along the event was. If it has just started, you may likely get more of your bet money back, but if it is towards the end, you may end up losing a significant amount.
In most cases, the cash out may be offered as an in-game or in-playing betting feature, depending on the site.
When Should You Cash Out A Bet?
When you should cash out on a bet depends on your preferences. However, it may be preferable to do it as early as possible if you feel your bet will lose and want to avoid losing too much.
But, if you wish, you can also choose to do it much later when you are more convinced you may have made a losing bet to cut your losses slightly.
Ultimately, the choice lies with you. But always remember that not all sports betting facilities or bookies offer the cash-out option, so it is best to check with them before playing. Additionally, once you accept a cashout offer, the decision is final. You cannot go back on it and re-bet the amount again.
How Is Cash Out Calculated?
When sports betting places or bookmakers calculate cash out, they take into consideration the odds of the game and your original stake. Therefore, no cash out is the same. Instead, it changes based on how likely or unlikely your bet may be to lose.
For example, let's say before the match began, you placed a £10 bet on a football team, wagering that they would win. The odds were 2:1. If this bet wins, you will receive £20. However, by halftime, your chosen team is leading 2-1, and the bookmaker offers you a £15 cashout.
Say you do not accept the offer because you are confident your team will win. Halfway through the second half, the other team catches up with yours, and the score is now a draw. The bookies may then offer you a £10 cashout. You decline the offer, and 5 minutes before the game ends, you receive another cash out offer, but this time it is £5.
That means the bookies or the sports betting facility looked at how much you have bet and the probability of winning. The higher it is, the higher the cash out offer. Likewise, the lower your chances of winning are, the lower the cash out may be.
Does Cash Out Include Your Stake?
Yes, the cash out option typically includes your stake. However, this does not mean you are always going to receive your full stake size. Though your stake is factored in your cash out, there are other factors, too, such as how likely your bet is to win or lose and how much you would win.
So, if your bet is highly likely to lose, you may receive a cashout that is less than your original bet. Again, refer to our example above. Remember that a cash out amount is based on the current odds and is intended to help you reduce your losses and potentially even have some sort of profit before the event ends.
The good news and, perhaps, the main point of the cash out option is that you do not lose all of your bet. It provides an out before the end of the event, if you think things aren't going to pan out, in which case you could lose the whole bet. Every penny counts.
Confirm Before Cash Out Meaning
A cash out is final; it cannot be reversed. So, the confirm before a cash out option allows you to ensure that you are not making a mistake. Accidents happen, and bettors may accidentally click cash out when they did not mean to.
Having the confirm before a cash out button allows you to decline the cash out if it was a mistake or you have changed your mind. With this feature, you not only get a chance to fix a potential error, but you also get another shot at making an informed decision.
Why Can't I Cash Out?
However, if you are playing at a site that offers the cash out option, there may be other reasons you cannot cash out. Some of them include the following:
- The game has not started yet: The cash out option is typically not available if the game has not started yet.
- The cash out option is no longer available: Some bookies may set a time limit on the cash out offers. That means if you do not cash out within that time limit, the cash out offer may expire, and you will not be able to cash out.
- Your current bet is not eligible for a cash out: In some cases, your bet may not qualify for a cash out option.
- Technical issues: In some cases, the bookmaker may experience technical issues that prevent you from cashing out.
*All values (Bet Levels, Maximum Wins, etc.) mentioned in relation to this game are subject to change at any time.