Best Betting Sites with a Cash Out Option
What is a Cash Out option? Over our years observing the online sports betting industry, we’ve observed a sort of cycle that major innovations on betting sites go through. The first step usually involves a new bookmaker figuring out an interesting way of improving their service, which happens all the time. However, the best such innovations spread throughout the whole industry like a wildfire. If a feature is good or otherwise popular with wide audiences, it seems all the world’s top online bookmakers scramble to implement it – sometimes even bringing a twist to the formula, with a chance of making it even better.
This is the story of Cash Out, in a nutshell. It started out as an interesting option afforded by bets being made online instead of through betting shops but is now considered a must-have for any world-class online sportsbook. As always, though, not all betting sites are equal, which is what we’re going to discuss today.
While extra features such as the cash out are rarely the deciding factor when looking at new betting sites, they are undeniably important for a lot of punters out there. If you’re looking for bookmakers with cash out options thins is the page for you. We’re going to discuss what makes a cash out option good or bad, and look at some of the best bookies for cashing out.
What is Cash Out in Betting?
Before going into the ins and outs of what bookies offer, though, we need to define our terms. The first step would be to understand how cash out works in betting and how to use it for your benefit.
The idea is pretty simple – this feature allows bettors to settle a bet before the end of the match. Of course, not “settle” in the true sense of the word – you are just able to get the money out of the bet before it’s over. Now, how much you can get back via Cash out depends on three things: the initial odds of your bet, the state the game is currently in, and the time remaining until the bet is finally settled.
As such, before the game starts, bookies generally allow you “cash out” your stake – essentially cancelling the bet. This is not truly cashing out, but remember the fact that, before the start of the match, you can pretty much get 100% of your stake back at any time. Also, just to clarify, we’ll use football betting in any examples we might have going forward.
Once the match starts, though, the amount you can cash out will immediately start going down. That is because there is less and less time for the bet to win, and it gets progressively less likely as time goes on. While you’re losing money, cashing out before it gets to 0 is a way of cutting your losses.
However, if your bet suddenly becomes more likely to happen, the amount you can cash out will increase – likely becoming bigger than the stake, but smaller than the returns if you bet was to be completely successful. This works pretty much the same way as odds in live betting. As long as your bet is set to win, the cash out amount will keep increasing, until eventually, it becomes the same as the total winnings for the bet. Usually, this means it’s the end of the game and your bet was completely successful.
On the flip side, if your bet becomes less likely to succeed, like if the team you’re betting against scores, the amount you can cash out will also decrease.
Cash Out in Betting Example
If you’re still not 100% clear on what we’re talking about, we’ll use a more concrete example.
Let’s say we’re betting on a Premier League match between Arsenal and Everton in a 1X2 bet. We’re backing Arsenal at odds of 2.00, with a stake of £10.
After the kickoff, the amount you can cash out will gradually start dropping. It will probably be around £7 by minute 20. However, if Arsenal were to score, the cashout would jump up above the stake – to £15, approximately. If the score remains the same, this amount will keep increasing as the end of the match draws nearer.
However, if Everton scores an equalizer, you would again be faced with a negative cash out, just like when the score was 0:0. Because your bet loses in case of a Draw, cash out will drop down to a negligible amount by the time minute 80 comes around.
However, it will still be an option – mainly because Arsenal still has a decent shot at winning. However, if Everton were to take the lead with 1:2, the cash out amount would take a huge hit. Mainly because the odds of your bet winning would significantly decrease in such a scenario.
Why Use Cash Out in Betting?
So, what are the benefits of the cash out option? Generally, there are two reasons you would want to use it.
The first would be in a scenario where, for example, your team is looking likely to win, but isn’t quite there yet. You know those times when the team you backed kept the lead for the entire game, only to lose in a last-minute upset? Well, you can avoid such scenarios with the strategic use of cashing out. Just cash out while the team is leading, and you have a guaranteed profit. However, the profit would be smaller than if you were to wait for the bet to be settled regularly. Essentially, you’re trading away some of the profits for security, effectively removing risk.
Alternatively, the cash out option can be used to cut your losses. Let’s say that the team you chose to back is behind, and you’re beginning to doubt your bet will win. You can cash out and get a part of your stake back, instead of losing it all if the bet is settled as a loss. However, such an action removes any possibility of things turning around and you walking away with a won wager. This is pretty much the reverse of the first scenario: you’re trading away a chance of a win for a reduced loss.
What is a Partial Cash Out?
Cashouts themselves were originally an innovation to the already innovative live betting trend. However, bookies didn’t just stop there: there are innovations upon this innovation. One such fresh idea is the partial cash out, pioneered by industry giants like WillHill and Betfair.
The name is fairly self-explanatory: this feature allows you to cash out a portion of your stake and leave the rest still in the bet. The idea is to reap the benefits of cashing out while staying in the game – albeit to a lesser extent.
One popular use of the partial cash out is to take out just enough to cover your stake when things appear to be looking up. This way, while there is still the possibility of things turning around and you losing the bet, you can at least rest easy knowing that you won’t lose any money. Essentially, this is a way of making free bets. The tradeoff is that you are reducing potential profits in case your bet does end up winning.
What is Auto Cash Out?
One of the disadvantages of cash out is that you have to keep monitoring your bet if you want to use it effectively. As we said, it’s much like live betting.
A couple of years ago, though, Coral decided to address this problem by allowing users to set the rules of their bets. Essentially, auto cash outs allow you to program your bet so that it cashes out on its own if certain conditions are met.
For example, you can set up an auto cashout to trigger if the cash out amount ever reaches half the initial stake in value. This way, you can make sure that, if things start going south for your bet, your losses will be cut in half.
You even have the option of combining the two features we just talked about: automatic partial cash outs are a possibility. We truly live in exciting times for the betting industry.
Best Bookmakers with Cash Out Options
Which brings us to our recommended betting sites for cashing out. What are our criteria, you might be asking? This feature is fairly straightforward – what makes some bookies better than others in terms of cashing out? Let’s take a look at some of these criteria
- Does the bookie even offer cashouts?
- Does the site offer partial and/or automatic cashouts?
- Cashing out is closely related to live betting. As such, the in-play betting section has to be fast and responsive for effective use of cash outs.
- Cash out values are ultimately determined by software. Some are fairer than others in terms of how they calculate cash outs relative to the probabilities of the bet in question.
With that out of the way, let’s move on to the list itself.
Unlike the previous entry, BetVictor didn't offer much in the way of innovation. However, they do tend to take the ideas of other top bookies and implement them in great ways.
For starters, it’s important to note that not many bookmakers in 2020 offer automatic and partial cash outs yet. BetVictor does, and the functionality is seamless and intuitive. Furthermore, cash out options are often limited when it comes to timeframes. Markets are often suspended or frozen as the end of the game draws near. With BetVictor, though, you won't have such problems, and we've found them to be exceptionally fair when it comes to letting players cash out early.
Besides that, BetVictor is an acclaimed, safe betting site with a lot to offer in terms of football betting odds and markets.
- Minimum Deposit: £5 with card payments, 10£ with e-wallets, 25£ with bank wire transfers
- Maximum Withdrawal:£5,500 with Paypal, £25,000 with Skrill and Neteller, £20,000with cards, and £100,000 with wire transfers
- Banking Methods: Visa, Mastercard, Neteller, Skrill, PayPal, Paysafecard, Entropay, bank wire transfer
- Customer Support: live chat, e-mail, phone
- Welcome Bonus:bet £10 get £30 in free bets
The world’s biggest betting exchange, Betfair needs no introduction. However, we were fascinated by how they managed to even implement cash outs, considering how exchanges work.
Either way, the option is available, and Betfair is the only exchange where this is the case. Of course, there are some limitations, which is understandable considering your winnings are coming from other players. First of all, only markets with considerable liquidity can be cashed out. As such, the option is only available for popular categories such as football betting and horse races. Still, the fact that it’s even there is a testament to Betfair’s ingenuity – not to mention they also offer partial and automatic options.
- Minimum Deposit: £5
- Maximum Withdrawal:£5000 for Visa, £20,000 for other cards and Skrill, £100,000 for transfers
- Banking Methods: Credit/debit cards, Bank Wire transfers, Cheque, Skrill, Neteller, PayPal
- Customer Support: live chat, e-mail, phone
- Welcome Bonus:up to £100 in free bets