Have you ever placed a bet and soon after wished that you could cut your losses when things didn’t go the way you planned? How about losing a bet in the last minutes of a game due to a freak turn of events?
We’ve all been there, and a few years back, that was just tough luck. You had to suck it up and accept that it was part of betting on sports. However, with the rise of live betting and the early cashout feature, you don’t have to tolerate these situations any longer.
In this guide to early cashouts for beginners, I’ll show you how this feature works, how to make use of it, and I’ll show you some real-life examples of how the early cashout feature has worked to at least one lucky punters’ advantage.
How Do Early Cashouts Work?
The simplicity of this feature is part of its appeal. You place a bet, and as the odds change due to in-game events, you’ll have the chance to cash out early. However, be aware that cashout may not be available on every match or market. Most betting sites have an icon or symbol to indicate whether cashouts are available or not.
For example, let’s say that you place a wager on Liverpool to beat Man City at 1/2 odds. You’ve wagered £20, but due to a couple of unexpected injuries in the first half, Man City is 2-0 up with 30 minutes left to play.
At bookmakers which offer early cashouts, such as Bet365, you may have the chance to cash out early and save some of your potential losses. How much the bookie will offer you depends on a number of factors such as the action in the betting markets, the statistics the bookmaker has access to, how both teams are playing, etc.
In a situation like the above, you can’t expect to get a great offer, but at least it won’t be a total loss.
Early cashouts don’t just work when your bet is losing. As you sometimes want to cut your losses, the bookmaker feels the same way, and they’ll often offer you a chance to take your profits early.
Let’s say that in the above example, Liverpool is 2-0 up with 30 minutes to go. There’s still a chance that Man City could come back and either draw or win. So, you might want to cash out and book in your profits, even if they will be slightly less than you would win if you rode it out all the way to full time. You can also partially cash out your bet at some top UK betting sites (see below).
Essentially, early cashouts enable you to save money by cutting your losses early on losing bets and lock in profits by taking the risk off the table when you’re ahead.
It’s a feature which most savvy online punters now demand, and almost all of the top UK betting sites offer it.
Just in case you’re still unclear about how early cashouts work in practical terms, here are a few examples:
Jason bets £10 that Manchester United will beat Leicester City at Old Trafford. At half time, Leicester is 1-0 ahead, and a key Man Utd striker is injured. He cuts his losses and cashes out £2. This allows him to place another bet later in the day.
Helen has wagered £5 a seven-fold accumulator bet on various EPL football matches on Saturday. She has won four of these, and the other three are going her way, but there’s still 25 minutes left in each game. Helen now has the chance to settle her bet for £450 profit. She takes it, which is lucky because one of her bets fails in the end.
James has wagered £20 on Anthony Joshua to beat Deontay Wilder. Joshua is clearly ahead on points, but in the third round, Wilder knocks AJ to the floor with a huge right hook. Even though he recovers, James is nervous. He decides to cash out at a £4 profit rather than risk losing to another massive punch from the Bronze Bomber.
These are rough and purely hypothetical examples of how the early cashout feature works. Hopefully, you now understand why using UK betting sites which offer early cashouts are better for you as a punter.
Partial and Auto Cashouts
Sometimes, it’s difficult to decide whether you want to cash out or not, and at other times, you don’t have your eye on the game due to other commitments. This is where partial and auto cashouts come into play.
Partial Cashouts – You can decide to cash out a percentage of your bet. For example, you might take 50% of your stake off the table, along with that portion of the profits (if applicable) and let the rest ride.
Auto Cashouts – At most of the top betting sites, you can set parameters to instruct auto cashouts to occur when your bet meets certain conditions. For example, you can set your bet to automatically cash out when a certain monetary value has been met, such as £50.
Not every online bookmaker offers partial or auto cashouts. If you’re interested in using these features, we recommend betting at bet365.
The Pros and Cons of Early Cashouts
When it comes to sports betting, most features have their pros and cons. Here are the pros and cons of the early cashout feature.
You’ll have greater control of your bets. They also work on mobile devices, which gives you maximum flexibility and freedom.
You can book guaranteed profits when things start to go your way.
If you make a bad bet, you’ll be able to salvage some of it and cut your losses.
You can get nervous and cash out too early, causing you to miss opportunities. Always consider partial cashouts for this reason.
Bookmakers offer very low payouts on losing bets, as you might expect.
Some punters complain of regular functionality issues with early cashout features. This can be incredibly annoying.
How the Early Cashout Feature Saved One Lucky Punter a Fortune
If the early cashout feature didn’t benefit the big betting sites, you can rest assured it would not be available. That’s why I love it when I hear success stories of when these features help punters beat the bookies. This story may be the greatest cashout of all time.
On Boxing Day in 2016, one lucky Betfair punter found himself with 19 wins out of a 21-fold accumulator bet. Seeing that he could cash out £223,000 or wait another few minutes for a potential £1.2 million payout, he tapped the early cashout button and banked himself close to a cool quarter of a million.
Why was this the greatest cashout of all time? First of all, his original wager was only £1, so the profit was insane. Secondly, just four minutes later, one of the other two bets (Wycombe vs Plymouth Argyle) finished in a 3-3 draw, which would have killed the entire bet. Talk about punters’ instincts!
There’s virtually nothing negative about early cashouts. While some bettors have lived to regret exercising the option, and some believe that certain bookmakers disable the feature when it suits them, it’s still nice to have the option to exercise greater control over your bets.
I’m an advocate of any feature which gives us punters more power, and early cashouts certainly do that. In fact, if a betting site doesn’t offer me the control that early cashouts bring to the table, I don’t bet with them. In 2020 and beyond, I think that’s a good rule to follow.
Based out of London, I began freelance writing for the UK section of GamblingSites.org in October of 2019. Having worked in the gambling industry for over 10 years, I now have the pleasure of adding this site to my list of accomplishments as a casino writer. ...
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