The world of betting has changed a lot in the past decade or so. Open access to online gambling means that punters no longer have to stroll all the way into town to place a wager at their local bookies, and television commercials encourage people to throw their money on a game that’s already half-way gone. But amid all the developments powered by the web and technology, perhaps the most influential and most-discussed is the Cash Out option.
Back in the day, once you’d placed your bet – that was it. The money was the bookies’ forever unless your wager happened to win. Not anymore. In the digital era, the Cash Out feature arrived and gave punters the opportunity to pull their money whenever they deemed fit. Cashing Out helps to spare people the heartbreak of suffering a lost bet due to last-gasp goal on a football game, but it also saves bookies from having to pay out a full sum money if the bet comes in but the punter cashed out early. All parties involved have something to gain, and Cash Out is the kind of oh-so-popular modern feature that gives punters an increased sense of control over their bets.
The Cash Out feature is applicable to a wide variety of different sports, although it’s most popular of all when it comes to football games (which we’ll hereby use as an example to flesh out the Cash Out feature in a bit more detail).
OK, so here’s how Cash Out works. If you put £10 on Liverpool to beat Chelsea away from home, you might receive odds of 4/1. That’s a potential return of £40. The game goes ahead and it’s looking good. Liverpool are 2-0 up with about half an hour to go and you can already hear the money being printed. But then disaster strikes. Chelsea claw a goal back and suddenly Liverpool are on the fence. They’re defending for their lives but they’re seeming a bit shaky. A Chelsea equaliser looks imminent.
But then bang! You Cash Out. The bookie offers you decreased odds of 2/1 to take your money and run. By Cashing Out at this point, you’ll double your wager and prevent yourself losing any money if Chelsea do end up scoring. Not too shabby.
However, if Liverpool cling on to that slender lead or even grab a third goal, you’ll have missed out on £20, leaving the bookie laughing instead. This is where the problematic aspect of knowing exactly when to Cash Out comes into play, and we’ll explore this in more detail a little later on.
Cash Out odds go up and down throughout the match, with the bookie tempting you to pull your wager early without putting them out of pocket. It’s a real game of cat and mouse, and if you choose right, it can pay real dividends.
The Cash Out feature started out as an intriguing added extra on a small selection of betting sites, and suddenly grew to the point where it became standard practice – seemingly overnight. Nowadays, many punters will put on bets and expect to have the option to Cash Out at any time they desire. This has been fuelled by an increase in In-Play betting (which allows you to place wagers at any time whilst a game is being played) and also online betting, which is becoming more advanced and looking for ways to offer users more control over the things they are betting on.
It makes sense that Cash Out has become so popular so quickly. After all, if a punter feels they have all bases covered and the option to retract their wager whenever they like, they’re far more likely to part with their money in the first place. Bookies need to be on the ball to offer the right types of odds at the right times, but this is their bread and butter after all, and advancements in tech have made it easier for betting companies to follow each match and adjust odds accordingly and quickly when required.
After the Cash Out feature arrived and became something of a norm in online gambling, bookies began to go one further and offer Partial Cash Outs, as well as Full Cash Outs.
A Full Cash Out is what it says on the tin. You Cash Out, and you take your winnings and your stake with it. Bam. In your bank account.
A Partial Cash Out however, allows you to keep some money on the bet, whilst also ensuring you still make a profit. Most bookmakers have an online system with a slider that you can move with your cursor. This slider can be adjusted to select the amount of money you’d like to Cash Out, and how much you’d like to keep on the bet.
Let’s use a football bet to illustrate a Partial Cash Out in clearer terms. You have £10 on Tottenham Hotspur to win and Harry Kane to score at any time at 7/1. A good bet. Kane has already bagged a goal in the first half and Tottenham are winning 2-1. But the opposition are banging on the door and you’re concerned they may equalise. A Partial Cash Out of £4 here will do the trick. You’ll get your stake back and some winnings, but you’ll also allow £6 to keep running on the bet. This means if Tottenham hang on, you’ll still get a nice return of £6 at 7/1 (£35).
Partial Cash Out allows you to pocket some money but leave a smaller stake on a bet to keep enjoying the action, and maybe even win a little more when the full-time whistle arrives. Either way, you’ll be in profit by the end.
As well as Full Cash Out and Partial Cash Out, bookmakers have also launched an Auto Cash Out feature for their online members – which is programmed to automatically trigger the Cash Out feature without the user being forced to do so themselves.
With Auto Cash Out, you can often set a particular figure (or a timeframe) for when the software will automatically pull your wager and give you your winnings. This is a great little feature for anyone who can’t make it to a PC or pull out their mobile to check the scores.
The eternal question with no right answer: Should you Cash Out, or cross your fingers until the final whistle? It’s nerve-shredding alright, but it’s what helps to make these types of bets quite so exciting.
What makes things even spicier is the fact that, in football, a lot (and we mean a lot) of goals are scored after the sixty-minute mark. This isn’t necessarily to say that Cashing Out two-thirds of the way through a game is a bad idea – it’s just worth noting that football is sport susceptible to goals being scored late on.
As stated previously – there is no right or wrong answer when it comes to whether you should Cash Out or not. All you can do is consider your bet. If you placed the wager specifically with the Cash Out feature in mind, then it’s probably worth pulling your winnings early as you’re deeply uncertain of the ultimate outcome. If you hadn’t thought about the Cash Out feature and still believe your original prediction will come to fruition, then you might as well trust yourself and ride it out. It’s not worth getting worked up about winning less money than you could have either. Some punters become extremely frustrated when they Cashed Out for £60 when they could have held on for £90. It’s not the best attitude to have. After all, £60 profit is £60 profit – a good chunk of money that can be used for all kinds of things. This is just an example, but it all depends on your mind set. If you want the biggest possible wins, keep going up until the final 10 minutes. If you’re more concerned with making a nice little earner, Cash Out beforehand.
The popularity of the Cash Out feature means that most of the major bookmakers (and indeed many of the minor ones) offer it on their site. Many will provide a Cash Out option that caters for all different types of sports including football, rugby, tennis, basketball, American Football and racing, but the nature of each type of Cash Out deal can vary. For example, bookmakers offering Partial Cash Outs will allow you to withdraw money in different increments. Coral, for instance, allow you perform a Partial Cash Out in increments of 10%. Bookies will also have wildly different odds when it comes to Cash Out, as well as limiting the feature to specific markets. Auto Cash Out may not necessarily be available, although a good selection of the major bookmakers do offer it (again, for chosen markets).