It’s hard to exaggerate just how much sports betting has improved in the past couple of decades. The advent of online gambling has led to countless changes, almost all designed to help make the betting experience easier for punters. And, rather than flashy promotions or crazy markets, it’s actually some of the simplest features which have changed things the most.
Early payout offers are one of the best examples. The ability to cash out a bet has fundamentally changed the way people gamble, giving them far more control than ever before. In this article, you’ll learn exactly how ‘early payout’ works, and get the lowdown on some of the best cash out betting sites on the market.
Early Payout Offers (Updated: July 2020)
What is Early Cash Out?
In the bad old days, once you’d picked your market, set a stake and placed the bet… that was it. You were simply stuck with whatever you’d wagered on, for better or worse.
No more! Thanks to early cash out, you can now essentially end your bets while they’re still in progress, before they’re settled one way or the other. One of the most important innovations in live sports betting, cash out gives you the opportunity to either get out of a bet that’s going badly, or cash in on your winnings while things are still going in your favour.
The amount you’re offered for a cash out depends on the chances of your selection happening at that time. If your bet looks likely to win, then you’ll be offered your stake back plus a proportion of your potential winnings. If it’s looking like a loser, you’ll still make a loss at whatever price you’re offered, but it’ll be better than getting nothing back. Most bookmakers that do cash out will offer you this opportunity for most of the event, right up until the result is no longer in question.
How Do Early Cash Out Offers Work?
The majority of bookmakers that do cash out make it extremely easy to use this feature. Within your ‘My Bets’ section (or whatever it’s called by your bookie) you’ll usually see a ‘Cash Out’ option, and be offered a price for ending your bet early. Then, you simply tap the button to cash out the bet.
To help you to understand exactly what’s involved, here’s a step-by-step example using one of the best early payout offers around, William Hill’s.
- Within the football section, you place a bet on Manchester United to beat Chelsea
- You get 2/1 odds, and set a £5 stake
- Man U go 1-0 up after 20 minutes
- Chelsea take control of the game, and look the better side
- It’s still 1-0 with 70 minutes gone, but you decide to cash out
- William Hill offer you £10 to do so, rather than the £15 you’d normally return
- Cash out the bet
- Chelsea score in extra time, and the game finishes 1-1
- Ordinarily, you’d have lost your bet. Thanks to the cash out, though, you ended up returning £10
When is the Best Time to Cash Out Early?
Generally speaking, most bookies will allow you to get your early payout whenever you like within reason. Heck, if you regret your bet within five minutes of kickoff, you’ll be allowed to get rid of it immediately for a small loss. That said, there are two main times when you should seriously look at cashing in your bet.
The first is when things are going in your favour, but it’s far from a sure thing that your bet will actually win. Let’s say you’ve taken a long-shot underdog against a top team, and they’ve managed to grab a 2-0 early lead. At that stage, your wager is looking good, and you might be tempted to stick with it. In reality, though, there’s still a long way to go, and the top team has every chance of getting those two goals back, and ruining your bet. You’ll probably be offered a decent profit if you cash out the bet at this point… and we’d strongly recommend doing so!
The second is when things are going against you, but there’s still a chance things can turn around. In these circumstances, it’s normally best to simply take the early payout, and get at least some of your stake back, rather than losing the whole thing. You can pray for a miracle all you like, but the reality is it’s probably not going to happen, and you need to cash in while this avenue is still available to you. Once the result is essentially no longer in doubt, your bookie will probably take the option away from you, even when the match itself is still going on.
What are the Main Types of Cash Out Offers?
For a long time, there was only one type of early cash out offer available. That was fine – one was certainly better than none – but, as always, bookies have started to innovate in the past couple of years. Now, within cash out sports betting, there are at least four different variations.
The original version of the early cash out offer, and the most straightforward. You fully bail out on your bet, taking whatever winnings or losses are being offered by the bookie at that point.
This is the most popular variation on the standard cash out. If you don’t like the way things are going, or want to lock in some profit… but still feel like your original bet could win, this is the way to go. You simply cash out part of your bet – half, for example – using the odds at that moment, but keep the rest of your bet at the original odds.
An increasingly popular version of cash out – now offered by the likes of Betfair and Bet365 – this is also one of the most useful. Rather than having to watch your in-play bet constantly, looking for the perfect time to cash out, you can set a target profit for your bet. When the amount you’re being offered for cashing out hits that target, the transaction will be executed automatically.
This is the most innovative type of cash out offer around. Unfortunately, it’s not particularly common, with Bet365 one of the few major bookies providing it. This feature literally lets you edit bets in-play, whenever you’re being offered the ‘Cash Out’ option. You can add, swap and remove individual selections, and even increase your stake on the bet if things are looking good!
What are the Pros and Cons of Early and Partial Cash Out?
Generally speaking, any feature this innovative and useful is definitely a good thing! Mixed in with the many pros of cash out, though, there are a few cons. These are the most important examples of each.
- Lock in profit. By far the biggest benefit of the cash out in sports betting. In football particularly, you really never know what could happen next. Cash out allows you to take your winnings while the going’s good… and not worry about it all going wrong!
- Cut down on losses. Making money is half the challenge when building your betting account. The other half, quite simply, is not losing it. Cashing out a bet for a loss might feel frustrating… but it’s much better than getting nothing back, and these savings will add up over time.
- Play it both ways. The best thing about partial cash out is that you don’t have to make a full decision one way or the other. If your bet is hanging in the balance, simply cash out part of it and leave the rest in. Whether it wins or loses, at least you’ve locked in some return.
- A reward for watching live. Early payout offers can be used by anyone… but they’re much more useful if you’re actually watching the game. There’s no substitute for watching live when it comes to judging the momentum and general feel of a match while it’s ongoing. All these aspects, and plenty more, will play a part in informing your in-play betting.
- Safer accas. Accumulator bettors are arguably the ones who’ve benefited most from early payout. If you’ve already won four out of five selections, for example, you can lock in a nice profit there and then. Likewise, partial cash out is massively helpful for accas, as you can boost your odds with new selections, or form a safer bet while removing them, on the fly.
- Unprecedented control. This is the name of the game here. All bookmakers that do cash out are offering you – the bettor – a level of control that would have been unthinkable a few years ago. Rather than being stuck with your initial selection, you’re now completely free to decide when and how your bet comes to an end.
- Missing out on profits. This is by far the biggest frustration when it comes to cashing out. You’re being offered a reasonable price, you don’t like the way your bet’s going, and you cash out… only for the original bet to win after all! It’s incredibly annoying… but using cash out features smartly will almost certainly increase your profits in the long run.
- Ineligibility with offers. Whether it’s rollover requirements on a welcome offer, or qualifying bets for an ongoing promotion, sportsbooks will always have a few T’s & C’s attached. And, even the best cash out betting sites will usually forbid you from using cash out on such bets.
What is the Difference Between Full Cash Out and Partial Cash Out?
‘Full’ and ‘partial’ are the two main types of cash out offer. Full cash outs were the original version, and are still almost certainly the most popular today. As the name suggests, these involve bailing completely on your bet in one go. This will be done using a price offered right then, to secure a return different to the one at your original odds.
A partial cash out, by contrast, only cashes out a certain amount of your bet. In the case of Bet365, you’re given a slider with which to control exactly how much you cash out. The rest will be left in, at the original odds.
For further clarification, here’s an example using Betfair.
- You stick £5 on Arsenal to beat Chelsea, at 2/1, for a potential £15 return.
- After 60 minutes, they’re 1-0 down.
- Betfair offer you £4 for a full cash out; a small loss, but still a decent return. Instead, you partially cash out half the bet for £2, leaving the other £2.50 in. Arsenal end up coming back and winning 2-1.
- Your remaining £2.50 is paid out at the original 2/1 odds, so you get £7.50 back.
- Add in the £2 you already cashed out, and you’ve made £9.50 overall.
We live in a golden age for sports betting. The idea of being able to cash out a bet while it was still ongoing, at almost any time you liked, would have been unthinkable a couple of decades ago. Nowadays, every sportsbook worth their salt will have a cash out feature. Some have even taken things to the next level, offering innovative variations like partial and auto cash outs.
For the bettor this has been a revelation. Whether it’s locking in profit when the going’s good, or cutting down on losses when it’s not, early payout features offer punters an unprecedented level of control in their gambling. When it comes to accumulators, they’ve been a game changer. Multiples are notoriously tricky to win, but nowadays you don’t have to; you simply need to hit on enough selections that you can cash in the rest of the acca for a profit.
If you’re looking for a new bookie, it’s non-negotiable nowadays that they should offer cash out. The best cash out betting sites will even provide multiple ways of doing so. Either way, use this brilliant feature smartly and you stand a vastly better chance of turning a long-term profit.