Cashing out gives you the chance to take away the stress of watching your team in the final few minutes of a football match when you are so close to a winning bet, or the opportunity to claim back some of your stake when it becomes apparent that you are going to lose.
It is a relatively new tool but is now offered by many of the top sportsbooks, allowing you to make decisions before the bet has been resolved. This is a great way of either protecting a winning bet or saving some money from a losing bet.
Traditional sports betting involved placing a wager and then not being able to do anything until the event had been completed and you found out whether you had won or lost, but the option to cash out has been revolutionary for many punters due to the extra control it gives you over your bet.
Cashing out is not available on every single bet, but it is an option which is usually offered across many different sports. Having become increasingly popular over the past few years, sportsbooks are also looking for news ways to improve their cash out features.
One choice offered by some bookmakers is for partial cash out, where punters can take out some of their winnings but leave the rest of the stake on the original bet. This guarantees a return but also gives you the chance to win the initial selection, and you will typically be able to decide on the percentage of the bet you wish to cash out and how much you would like to keep in place.
If you have placed a bet which offers cash out, there will be a value clearly showing you how much you stand to win or the extent to which you can limit your losses. The appeal to bettors of cashing out is therefore obvious, as it provides extra flexibility, but it is also a very worthwhile tool for sportsbooks.
As well as wanting to have a feature which attracts more customers to their website, operators can use the cash out option to their own advantage. By giving punters the chance to cash out when they are on their way to winning a bet, bookies are minimising their losses.
The cash out value is always determined by the odds on the specific selection and how much was staked originally, both at the time of the initial bet and at the point of cashing out, and sportsbooks calculate figures to ensure they will remain in profit.
While bookies are happy to offer cash out in the knowledge that it will help to drive business while making them money, the power it gives to customers is an enormous attraction and there have been some big winners who have benefited from cashing out.
On Boxing Day 2015, a Sky Bet punter picked out a ten-fold football accumulator and successfully predicted the results of the first nine fixtures. In the tenth match, they had backed Newcastle United to draw with Everton and it was 0-0 until just before the final whistle, when a Tom Cleverley goal won the game for Everton. Luckily for the punter, they had cashed out just moments earlier to snap up £10,000. Had it not been for this option, they would have won absolutely nothing.