The bookmakers generally offer their users several kinds of options in terms of markets and also tools to facilitate the operation from bettors. Betting cashout is one of those options, that looks to help those who, by any chance, decide not to take their bet until the end of the event.
WHAT IS CASHOUT IN SPORTS BETTING?
Cashout is a tool offered by some bookmakers, that allow bettors to close their bet before the end of the chosen event. That way, we can exit that market, every time we decide it’s not worth it to take that bet any further.
Of course the amount offered by the bookmaker so you can cashout your bet is influenced heavily by the event itself, to define the total amount offered when closing your bet. Below I’ll leave some examples to clarify this question.
You decided to bet on a match between Barcelona and Real Madrid, in La Liga. You bet on Barcelona to win with odds of 2.00 to win the super derby.
On this occasion, the odds at the main bookmakers suggested Barcelona as favourite and were like this:
Then the news come out that Lionel Messi is out of the encounter, and this is an information that really messes with every prediction, since the Argentinian is the best player of the team.
With that, the odds modify and the lines are now closer between the two sides.
On this hypothetical situation, the odds for Barcelona weren’t favourable to you, because the probability of Barcelona winning this match are now lower than when you placed your bet.
That way, the bookmaker will calculate the amount offered to you and probably offer you a cashout with a considerable loss, because your choice is now less likely to happen.
Now let’s imagine that Lionel Messi is available, your bet at odds of 2.00 for the Catalan side to win is still a great option.
The match begins and Barcelona opens the scoreline and the odds shift completely.
In this case, the probability of you winning your bet is higher, which means the bookmaker is more likely to lose. Therefore, you will have the option of closing your bet with a considerable profit and adding that amount to your bankroll instantly.
ASPECTS THAT INFLUENCE YOUR CASHOUT
The big question here is understanding the odds’ variation and trying to “read” the lines, and still predicting which way they will move.
Of course it isn’t easy and speaking is a lot easier than doing, even more with the pressure of time going by and the game taking place.
There are a lot of aspects that can influence your cashout and what the bookmaker will offer you. I’ll leave some examples here.
- Time: Any bet has variations on their odds. Time is one of the great determining aspects of value. As time goes by, the probability of the bet being a winner is higher or lower.
- Occurrences during the event: Just like in the case of Barcelona, any occurrence within the event affects the odds. Be it a goal, a player sent off, an injury, etc.
- Chosen market: Taking into consideration the aspects above, and relating them with the chosen market, the variations will be quicker or slower. For example, if I chose the team A to be in the lead at half-time, that variation will be much quicker, because there will only be 45 minutes of useful time.
Now if I’ve chosen the option of “Under “x” goals” at the end of the match, that variation suffers less with time at first, and more with the occurrences of the match.
WHEN SHOULD YOU UTILIZE CASHOUT?
Cashout is nothing more than “selling” your bet. It is like the stock market, where you should buy low and sell high.
In sports betting, the premise is the same and they will always secure profit when the occurrences of the match are according to the line you’ve chosen.
- If you’ve chosen a victory of any of the teams, and they’ve scored a goal or the opponents had any player sent off.
- If you’ve chosen the “Over X Goals” line and there was a goal scored right at the beginning.
- If you’ve chosen the “Under X Goals” and the match has very few goals scored and time goes by.
The question is when to utilize the cashout. Here, right now, it is something very personal and then I will give my personal opinion but reminding that the objective here is making you draw your own conclusion.
I understand that the cashout shouldn’t be utilized with a loss. I believe that the objective of this tool is to cut out losses, but the fact that the bet can be a winner after you close it bothers me even more than losing the initial bet.
When the cashout is offered with a profit, I consider some aspects before closing the bet. Firstly, the bookmaker gives me the option of closing my bet with a profit because it understands that it is likely for me to win.
Then, it will give me less money than I would eventually, but that allows me to analyse the situation until I make a decision.
I close my bet only with a profit that’s 80% of higher than the initial profit. Why?
Well, firstly because I have an advantage, but especially because I have to rely on my initial analysis. Otherwise, it would make no sense to place bets, since I would close them when I had success and lose my full stake when my analysis is wrong.
I only close my bet in case there is an occurrence that makes me give up. Like a player sent off from my team, the opponents dominating the encounter and not a lot of time until the end, etc.
Cashout is a good tool, it gives you the option of stepping away when you don’t feel comfortable with the choice you had made.
Therefore, weigh in every situation and think if your initial analysis is worth more than the occurrences of the match. I hope you’ve enjoyed this and Good Luck!