What is Cashout in betting?
It was the year 2014 when I first noticed the cashout button next to my betting slips. It was bet365, but pioneers could have been some other bookies. Before going any further let us look at the definition.
The definition of cashout in betting
This might sound a little too scientific so let us look at a concrete example. Let’s say you placed a combo ticket with 7 fixtures – bet amount was 10£, total odds 154.3 and possible win 1 543£. Imagine 5 of them are successful, and that means guessing 2 more and you are winning the full amount. With the 5 already “home”, you would be winning… let’s say 835£. This is indeed a decent amount, but all that could be gone if any of the remaining positions goes wrong. On the other hand, there is a chance to get almost a double if you wait – and get lucky indeed.
Suddenly you see a big temptation – a button saying “Cashout” – and get let’s say 530£ immediately.
Should I use the cashout option?
This is a tough question to answer. Many times I used it and was happy. Many times I didn’t use it and was unhappy. I will answer the question from 2 perspectives. As a mathematician I say Do not cashout. The probabilities are not playing to your favor. Bookmakers are having a decent market margin on this one. As a part of the best betting strategy, you are better of not taking it. This is what the theory has to say.
You have 100 opportunities to win 15 000£ with success probability 80% or cashing out for 9 000£. In the first case you would be expected making after those 100 opportunities in average 1 200 000£. In the case o a cashout only 900 000£. The math is clear, but let’s shift the perspective from math to a human point of view.
How many times per life do you get a chance of being close to winning 15 000£? Hundred times? I doubt it. You would be lucky to be 5 times in that position. I personally would cash out.
Which bookmakers offer cashout
In the case you want to know which bookmakers offer cashout and which don’t, there is a simple answer. Most of them, but not all of them all the fixtures. There is a hidden pattern I am not able to identify. Most of the times all bookies offer cashout on the English Premier League, but sometimes they don’t. The cashout button usually appears out of nowhere, but sometimes it doesn’t. Sometimes they promote cashout – in that case is the cashout option always available.
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