A Comprehensive Guide to Best Online Betting Sites with Cash Out
Written by
Joe - Poker PlayerLast updated:
April 30, 2024
The world of online sports betting is dynamic, pulsating with excitement and the potential for big wins. But amidst the thrill of predicting outcomes and celebrating victories, there’s also the inherent risk of things not going your way. This is where the cash out feature emerges as a game-changer for savvy sports bettors.
What Does Cash Out Mean in Betting?
Cash out, also known as early payout, is a revolutionary feature many online sports betting sites offer. It grants you the ability to settle your bet before the event concludes. This means you can secure a profit on a winning bet or mitigate your losses on a bet that’s not going as planned. However, depending on the sportsbook, T&C applies to the amount and payment method available for cash outs.
Here’s how it works:
- Placing a Cash Out Bet: Making a cash out wager is straightforward. Once you’ve selected your preferred bet on the bet slip, locate the cash out option. Most user-friendly platforms clearly display it.
- Dynamic Payouts: Upon selecting cash out, the betting site will present you with an amount you can receive to settle the bet prematurely. This amount is not static; it fluctuates throughout the event based on the current score and the evolving probability of your bet winning.
“Cashing out means the online sportsbook allows you to withdraw your bet(fully or partially) before bets are settled.”
Pros & Cons of Cash Out Betting
You gain a significant advantage by incorporating the cash out option into your online sports betting strategy. However, things are not all roses! There are disadvantages involved in the process.
Pros:
- Securing Profits: Imagine your team takes a dominant lead early on. With cash out, you can lock in a guaranteed return on your bet, effectively safeguarding your winnings from any dramatic comebacks or unexpected twists.
- Mitigating Losses: Let’s say the game isn’t unfolding in your favor. Cash out allows you to minimize potential losses by settling the bet early for a reduced payout. This helps you manage your bankroll more effectively and avoid significant financial blows.
- Enhanced Control: Cash out empowers you to make strategic decisions throughout the competition, giving you greater control over your overall betting experience. You can analyze the game as it progresses, adjust your strategy accordingly, and capitalize on opportunities to either secure profits or minimize losses.
Cons:
- Lower Payouts: This is the inherent trade-off with cash out. If your bet is currently winning, the cash out amount will always be less than your potential winnings if you let the bet ride until the end. For example, if you placed a $100 bet on your team to win at 3:1 odds, and they take a commanding lead midway through the game, the cash out offer might be around $70. While this secures you a guaranteed profit, it’s less than the $300 you would win if your team wins outright. Similarly, if your bet loses, the cash out amount will be less than your original stake.
- Limited Availability: Cash out might not be available for all bet types or events. Some sportsbooks may restrict cash out on certain wagers, such as prop bets or parlays. Cash out options might become unavailable during specific timeframes within an event, particularly close to the final whistle or buzzer.
- Reduced Excitement: For some bettors, the thrill of watching their prediction unfold and potentially winning big is a core part of the online sports betting experience. Sports betting fans, such as the die-hard ones on Reddit, believe that if you want to use cash out, you should not bet in the first place because cashing out kills all the excitement and fun.
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What Is Partial Cash Out?
Partial cash out is an extension of the traditional cash out feature offered by some online sportsbooks for specific betting markets. Imagine your bet is on track to win, but you want to lock in some profit without risking the entire bet. With partial cash out, you can collect a predetermined percentage of your potential winnings while leaving the remaining amount of your bet to ride on the original outcome.
Conversely, partial cash out lets you recoup some of your original stake if your bet isn’t looking good. This reduces your potential losses without completely giving up on the bet.
Let’s quickly review the steps involved in partial cash out:
STEP 1: Place your wager on your favorite sporting event, just like with a regular bet.
STEP 2: Once the game is underway, look for the “partial cash out” option on your bet slip or within the sportsbook’s interface. Not all platforms or bet types will offer this feature, so be sure to check beforehand.
STEP 3: If available, you’ll be presented with a slider or option to choose what percentage of your potential winnings you want to cash out. This percentage typically ranges from a minimum (often around 10%) to 100% (essentially cashing out the entire bet).
STEP 4: Confirm the partial cash out once you’ve chosen your desired percentage. This will lock in that portion of your winnings (or recoup a part of your stake), and the remaining amount will continue to be tied to the original bet outcome.
Remember, when you partially cash out, the remaining portion of your bet will continue to be tied to the original outcome. Still, the potential overall payout will be adjusted based on the amount you cashed out partially
Partial Cash Out Calculation
The calculation for partial cash out involves a combination of the original bet amount, the original odds you placed the bet on, the current odds of the bet winning, and the percentage of your potential winnings you choose to cash out.
Here is a simple example:
Suppose you place a $100 bet on the Lakers to win at odds of 3.0 (potential win of $200 if they win).
Midway through the game, the Lakers are in the lead, and their odds of winning have dropped to 1.5.
You decide to partially cash out 50% of your potential winnings. So, now the payouts are calculated as follows:
- Potential Winnings: $100 (original bet) * 3.0 (original odds) = $300 (potential win)
- Current Odds: 1.5
- Partial Cash Out Amount = ($100 x 3.0) x (1.5 / 3.0) x (50%)= $300 x 0.5 x 0.5= $75
7 Pro Tips To Successfully Cash Out From Online Betting Sites
Remember the following tips the next time you want to go for a cash out.
- Take advantage of the online sportsbook bonuses and promo codes, such as free bet, cash back, parlay bonuses, and bonus bets.
- Carefully monitor injuries and other match-related stats to place more accurate bets.
- Cash outs are typically offered for football or basketball parlays. So, if the first legs of your parlay have already won, you will have a better payout and cashing out would be a good option. Just take your time and make a good cash out decision before the final leg is settled.
- The dynamic nature of live betting pairs exceptionally well with cash out. By monitoring the live odds and the game flow, you can identify opportunities to cash out on a winning live bet early or cut your losses on a losing wager before the final whistle.
- For risk-averse sports bettors, hedging with cash out can be valuable. Imagine you placed a significant bet on a team to win, but as the game progresses, the score tightens. You can place a smaller wager on the opposing team to win. If your original bet wins, you lessen your potential profit, but if it loses, you might recoup some losses (or even turn a small profit) with your hedge bet. However, this strategy requires careful calculation to ensure profitability.
- Cash out shouldn’t overshadow the thrill of the original bet. Remember, the core appeal of sports betting lies in the excitement of watching your prediction unfold. Don’t get overly fixated on the cash out option and miss the joy of the competition.
- It’s tempting to use cash out in an attempt to recoup losses on a string of bad bets. However, this can lead to impulsive decisions and further financial strain. Stick to your betting budget and avoid chasing losses.
When to Cash Out Your Online Sports Bets (and When to Hold On)
Given sports’ ever-changing nature, it can be tricky to know when to cash out and when to let your bet ride. The effectiveness of cash out hinges on making the decision at the optimal moment. Before placing your bet, ensure the sportsbook you choose is reliable and has a smooth early cash out process. Additionally, verify that they offer cash out for the types of bets you typically place.
Reputable sportsbooks often allow cash out options from the moment you place your wager until the very end of the event. There’s no one-size-fits-all answer to the best time to cash out, but it’s generally advisable to make your decision well before the final whistle or buzzer. By carefully observing the game’s flow, you can determine whether your initial bet has a strong chance of winning or if it’s time to secure some of your potential return with a cash out. Pay close attention to momentum shifts, team performance, and any unexpected developments that might influence the outcome.
Avoid cashing out in close games where the score and momentum can swing rapidly, the cash out amount might fluctuate significantly. Unless the cash out offer is particularly enticing, it might be wise to hold on to your original bet and see how the game unfolds before making a decision. Also, never cash out when you don’t have enough evidence to support your decision.
4 Best US Online Betting Sites With Cash Out
As mentioned, not all online sportsbooks offer the cash out feature. However, the best trusted online betting sites in the US market offer the best cash out options.
- BetOnline offers a cash out option for sports bets and all-in poker pots.
- DraftKings also allows sports bettors to use the cash out option for parlays at different times before wagers are settled.
- FanDuel sportsbook offers a cash out option that is easily accessible through the Active Bets tab on your bet slip.
- Bovada offers the cash out option for many sports, adding more every week.
Final Thoughts
Cash out betting sites empower you to elevate your online sports betting experience by providing greater control over your wagers. By understanding the mechanics of cash out, exploring the features of various platforms, and employing strategic tactics, you can become a more informed and potentially more successful bettor. However, always prioritize responsible betting practices and remember to enjoy the thrill of the game!
FAQs
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Is Cash Out Guaranteed?
No, cash out isn't guaranteed. The sportsbook will offer an amount based on the current situation, and you must decide whether to accept it.
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When Should I Avoid Cashing Out?
Avoid cashing out if it's a close game with volatile odds or if your initial bet seems strong, and you want to ride it out for a potentially bigger payout.
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Is Cash Out A Good Way To Make Money Betting?
Cash out is a good option to manage your bets but is not a guaranteed path to riches. Use it strategically alongside sound betting practices and handicapping strategies.
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When Do I Get My Winnings After A Cash Out?
Money will be immediately added to your account balance, and you can withdraw it using the available withdrawal methods. However, make sure to read the terms and conditions beforehand because online sportsbooks apply specific terms on cash out withdrawals.
