If you are new to sports betting, you may not understand the cash out feature provided by sportsbooks.
Many leading sportsbooks give you the chance to cash out your online sports bet before the selected games are finished. There are a few reasons this option is available and why you might use it.
So, let’s look at what the cash out feature is and the pros and cons of it.
What is the cash out feature?
The cash out feature allows sports bettors to close a wager before the sports event is finished. For example, let’s say that you back the Patriots to beat the Bills in a game from the NFL regular season.
The game is a close one with the Bills just ahead of the Pats with a few minutes to go, but Tom Brady and company have the ball. Your online sports bet is winning but you are afraid the Bills’ defense will give up a late goal to lose. This would kill your moneyline bet. Rather than risking a loss, the cash out feature lets you ‘cash out’ your bet for a lower profit than what you would get if you waited for the game to officially end.
You give up getting the full profits from the bet to ensure you get something rather than nothing. If you cash out early and the Pats do score, you still win the bet and the money you cashed out with. You will most likely receive some kind of profit when you cash out early if your bet is winning. The amount of the cash out depends on the game and the odds.
Some leading sportsbooks allow you to preset a cashout allowing it to come out automatically. Of course, you can also do this manually.
Pros of using the cash out feature
Secure profits
The best reason to use the cash out feature is to secure profits that could be lost in a tight game. In addition, a bet can be closed instantly without issues.
Stop last-minute losses
One of the most frustrating aspects of sports betting is watching your winning bet turn into a loser in a matter of seconds. Cashing out early means this last-minute loss is canceled out. You can cash out the bet and prevent a team, like the Pats, from scoring that last-minute touchdown.
Win on underdogs
Okay, imagine making a bet on an underdog and watching them take an early lead in the Champions League Final. You are on your way to massive profits from your wise bet. You’ve wagered a large sum on this game and you want to ensure a win on this underdog wager. The cash out feature ensures you can get profits from this underdog bet in the case of the favorite coming back to score and potentially win.
Cons of using the cash out feature
Lost value
Sportsbooks jumped at the opportunity to offer the feature as it keeps them from losing more money than they otherwise would. That is why sportsbooks offer cash outs to prevent themselves from losing more money.
Lost profits
The most basic con of using the cash out feature is the lost value of your bet. You are cashing out early to ensure profits. If the game’s result occurs as you wagered in the first place, you will lose the profits you would have made had the bet not been cashed out.
The cash out feature is one to master. It can earn you some serious profits and ensure you win something when nothing could be on the horizon.
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