Every bettor sooner or later makes mistakes when betting on sports. In this case, the function of early redemption of the rate will come to his rescue. Cash Out at a bookmaker (or just a cashout) is an option, thanks to which a player can get back a certain amount of money even before the end of the match on which the bet was made. This feature was first introduced by Betfair in 2011. Since then, the cashout function has appeared in many world and domestic offices.
What is Cash Out at a bookmaker
Literally from English “cash out” is translated as “cash out”. When using such an opportunity in the bookmaker, before the end of the match, the bettor either receives less profit than he could in the case of a successful forecast, or asks for a calculation to minimize the potential loss.
Today the Cash Out function is available in a variety of bookmakers, with some bookmakers offering variations. For example, you can order the calculation of a part of the bet, and leave the other in the game.
To make it clearer what the essence of the cashout function is, let’s give as an example a conditional match of the Spanish La Liga Real – Barcelona. Let’s say you made a bet of 1,000 rubles on Barça to win with odds of 2.75. In the 10th minute of the match, a pleasant event happened for you – the Catalans opened the scoring, leading 1: 0. Your bookmaker in live, of course, has reduced the odds for winning the blue garnet to about 1.7. Over the next 20 minutes, Real Madrid seized total control over the game and began to create moment after moment at the guests’ goal. However, the score remains unchanged, and time goes on. By about the 35th minute, Barça will give about 1.5 for success, but you have doubts about her victory. If your bookmaker offers the Cash Out function, then you can withdraw money right in the first half (although the amount will be less than the potential winnings).
Another example. You made a bet in the same Real – Barcelona match on total over 2.5 goals. The odds for this outcome was 1.7, your bet amount was 1000 rubles. However, by the 30th minute of the game, the score is still not open, and the teams, which is rare with them, play extremely carefully and closed. The odds on TB 2.5 have grown to about 2.4, and in this case, using the cashout function, you can take a part of the bet money. True, if the teams still “get hot” and score 3 goals, you won’t see the win anymore.
How Cash Out is calculated
The standard cashout formula is:
(A * (B – 1) – A * (C – 1)) / C, where:
- A – the amount of the bet;
- B – initial odds of the bet;
- C – keff at the time of redemption.
We substitute the available numbers from example # 1 (the forecast for Barcelona to win for 2.75) and we get:
(1000 * (2.75 – 1) – 1000 * (1.5 – 1)) / 1.5 = (1750 – 500) / 1.5 = 833. Thus, you get 833 rubles of net income if you make a cashout, while the net profit for the whole the rate would be 1,750 rubles.
Using the same formula, you can calculate the net loss if the game goes according to a scenario that is unsuccessful for you, and the coefficient on your live forecast soared up.
Bookmaker cashout: advantages and disadvantages
The option of early redemption of a bet for a bettor has both pros and cons. The first are:
- the ability to take profit. If your team is in the lead, you can minimize risks and get that very “bird in hand” without temptating fate in the hope of a “crane”;
- the ability to save part of the bet. If the scenario of the match does not develop in your favor, thanks to the cashout, you can return at least a part of the staked funds;
- the convenience of use. Cashout is made by literally pressing one button on the bookmaker’s website – no forms to fill out and other tricks.
However, this option has enough disadvantages:
- making a cashout is not as profitable as insuring your forecast yourself. After all, you pay the bookmaker’s margin twice. In addition, the cashout margin for an express is higher than that of a single;
- the bookmaker can “play” with the cashout as he pleases. A certain number of seconds can be set aside for the processing of the redemption of a bet, which in the same tennis is of decisive importance. In addition, the bookmaker can change the coefficient at any time, indicate that an error has occurred, or simply cancel the cashout for this event;
- the most important thing is that the bettor can make a mistake not during the bet, but when using the cashout. There are thousands of known cases when the players changed the “crane for a tit”, and their initial bet was passed. Or the bettor made a cashout when the game did not go according to his scenario, receiving only a part of the initial bet amount, and as a result, the event “went”.
The story of some people who, prior to the start of the 2015/16 football season, bet on Leicester’s Premier League championship is indicative. Bookmakers did not believe in such an outcome at all and set the odds of 5001. 59-year-old John Pryke made a bet of £ 20, but did not wait for his win of £ 100,000, but took £ 29,000 by cashout. Soon after Pryke, a fan took advantage of this option, betting a whopping £ 50 on the Foxes to win. In March 2016, his nerves could not stand it – the fan took £ 72.3 thousand by cashout.
Already in April this achievement was blocked by an unknown fan of “Foxes”. He chose a £ 20 each-way (winner / place) forecast, and the bet could have brought him more than £ 133,000. The fan endured almost until the last, but in mid-April he gave up and received £ 108,000 in cash out.
But with another fan of the “Foxes” because of the cashout, a tragicomic story happened. The fan put 50p on the Foxes championship title, but after the 1st round, in which Leicester beat Sunderland (4: 2), for some reason asked for an early settlement, although the stake was purely symbolic. Bookmaker paid him 45 pence – that is, the bettor went into a minus. If the fan had endured until the end of the season, he would have enriched himself by £ 2.5 thousand.
So is Cash Out worth it? The above examples indicate that the option can both become an assistant for the bettor and seriously harm him. On the betting exchanges, where the margin is not included in the odds, the cashout is more justified, but in ordinary bookmaker offices the option will be harmful when playing at a distance. Cash Out bet redemption is a useful feature when used in exceptional cases when it comes to potentially large losses or retaining a significant amount of winnings.