A Guide To Cashing Out: All You Need To Know
Many bookmakers these days offer the ability to cash out, and it can prove incredibly fruitful if you do so at the right time.
It’s a feature that both new bookies and existing ones have on their site across a range of sports, but if you’re new to sports betting then you may be a little confused as to what it is and how it works.
That’s not to worry, here at That’s A Goal we’re always keen to share our experience and knowledge of betting, whether you’re looking to have a bet on football or understand a particular term or betting feature.
So, what is cashing out and how exactly does it work?
What is Cashing Out?
Cash out is a relatively simple concept that involves being able to settle your bet before the end of a fixture or event.
It’s a creature that is heavily used these days, particularly when it comes to football and will allow you to cash out on a proportion of your winnings before the game has ended.
It then doesn’t matter what the outcome of the bet is at the final whistle, as you’ve already cashed out you’ll have picked up your winnings.
How Does Cash Out Work?
You can cash out on many different types of bets and markets these days and on your betslip you’ll find the option available to select if it is.
In order to cash out, all you need to do is select the option to do so and you’ll have the funds added to your betting account.
How much you’ll receive is very much dependent on the bet you’ve placed and the circumstances of the event at the time you wish to cash out. It’s rare you’ll be offered the full amount of winnings based upon the odds you played, and it will be typically a portion of that depending on how likely your bet is to come off.
For example, let’s say you backed the correct score market in football. If you backed a team 2-0 and there’s only five minutes to go in a game, you’d receive a higher proportion of the winnings you’d expect to receive at full time than you would if it was 1-0 or 0-0 at that stage.
How much you’ll receive usually comes down to a number of factors. Continuing with the football example, this could include:
- Stage of a game
- Current scoreline
- Flow of the game
- Injuries and sendings off
And a number more factors, all playing into the likelihood of your bet coming off. The more chance of it happening, the higher the amount you’ll be able to cash out for.
When to Cash Out
Knowing when to cash out is incredibly important as it can be the difference between winning a large sum or a relatively small one.
Ultimately, there’s no right or wrong time to cash out, it’s each to their own. However, there are some tips around that can help you decide when is the right time…
Do your research
Firstly, that starts with doing your research. Understand what stage of the game it is and how the game is playing out. For example, if a team you have backed is well on top in the fixture then it may be worth allowing the bet to run on. Whereas, if your team is struggling and under the cosh a little, you may be more inclined to cash out.
Equally, if you need your team to score late on and you’re tempted to cash out, do some analysis to see if they have a habit of scoring late goals. If they do, you may want to let the bet run.
Consider your other bets
If you have other bets on across a weekend let’s say, and they are proving profitable, the hit you may take from losing this particular bet rather than cashing out may be worthwhile on the off chance it wins. It’s risk vs reward and if you can afford to take that risk because of bets elsewhere, then it may be worth staying in-play.
Think about the money
There’s absolutely no shame in taking the money and running. Everyone’s circumstances are different and if you’d prefer a return, even if it is below how much you’d win if you let the bet run, then that’s up to you.
As we’ve said, there’s no right or wrong time to cash out, it’s all dependent on you. So weigh up the options and make the best decision for you.
What is the worst Cashout Ever?
From the image below of the beltslip, you can see the cashout value sits at £105 with the Manchester United vs Crystal Palace match in the 67th minute. United got their equalising goal in the 89th minute, so we think he cashed out somewhere around the 80th minute at Old Trafford.
The unlucky punter said:
“During the Palace – Man United game, I’m a Man United fan and I just knew we were going to score.
“The cash-out was about £200, but I knew United were going to score so I cashed out. Obviously, Palace went and scored again.
“I thought it was alright because Spurs would do it anyway [against Newcastle United] so my bet is going to be let down anyway.”
“To be fair, I should have let it run – it was only a quid, wasn’t it? – but that’s betting isn’t it?
“Every week if you could ask for £200 from £1, you’d take it wouldn’t you?
“Obviously this week though, there’s about £90,000 out.”
Newcastle then went on to beat Tottenham in the Sunday afternoon fixture at the Tottenham Hotspur Stadium to complete what would have been one of the biggest footy accumulator wins we have ever seen.
Unfortunately for him, his payout was £98,113 short because had he not cashed out, he’d now be sat with £98, 313 in his bank account.
There is no doubt that this one is a howler cashout!
Which Bookies offer Cashout?
Most of the well known bookies offer cashout on bets these days, the obvious ones are bet365 and Paddy Power and we have found these to be some of the best cashout bookies available. Other bookies do offer cashout but their offers always seem to be low so it is always best to place bets you think you might want to cashout at the well-known betting apps.
William Hill are also a good option for cashing out football bets and their app updates throughout the football matches giving you a live cashout value most of the time.
Bet £10 get £30 in Free Bets
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