If you’ve watched any UK TV in recent months then you will have been unable to avoid countless commercials for the betting companies. All the mainstream bookmakers are represented as they fight for your business in a crowded market.
The companies also build entire campaigns around the concept of cashout. But what is this exactly and why should you consider it as part of your betting strategy?
Take an Early Profit
In simple terms, you can accept a cashout by claiming a winning bet before the event in question has actually finished. Let’s take the following football match as an example.
You bet, ante post, on Liverpool to beat Manchester United at odds of 2/1. You stake £10.00 so, if you are successful you take a £20.00 profit and your stake is also returned.
In this scenario let’s say that Liverpool are leading 1-0 and there are ten minutes of the match left to play. This is always a nervous time for punters, many of whom even expect an equalising goal to come and spoil their coupon. With cashout however, your bookie can give you the chance to claim even though the match has yet to come to its conclusion.
Now, naturally you shouldn’t expect to receive all the profits here. The amount might get would depend on the bookmaker involved and the exact minute that you trigger the cashout but with ten minutes left you could expect to get at least half of those 2/1 odds.
Who gets Involved?
As a concept, Cashout is a very recent phenomenon and as shown in our Betfair review, the company are the ones who are generally credited with its invention. That point may be open for discussion but since they became more prominent with their TV advertising, virtually all the mainstream bookies have since got on board.
Like any aspect of betting, you should naturally check to see whether your chosen bookmaker has signed up before you proceed but it’s clearly popular with the community so you shouldn’t have too many problems.
Choice of markets may be an issue however and to illustrate this particular point, let’s take Betfred as our example. Here. Cashout opportunities apply but currently – as of September 2016 – these can only be obtained in the following markets:
- Single and Each Way Multiples in horse racing
- Selected Football Matches
- Selected Golf Tournaments
So that’s fairly restricted right now and suggests that not all bookies are really embracing the whole cashout concept. And when you think about it, this can really be applied to any sport. We get late drama in cricket where wickets fall at the death and in rugby where one try or a penalty can change the whole face of a match so while football and horse racing remain the most popular sports within the community, that list may seem a little restricted for some of us.
Meanwhile, other operators, such as you can see in our 10bet review, are much more accepting when it comes to a list of markets but they do have a long set of terms. These stipulate, amongst other things, that only singles and straight line accas are applicable and all other bets including forecasts are excluded.
Overall, the message is to check your bookie’s ts and cs carefully before you go ahead.
Yes or No?
The decision of when to hit that button and take the cashback is entirely yours but it’s easy to see why this fresh new approach is popular with punters. Like in-play betting, this is a good way to test your skills as a sports analyst and in the example we used, if you felt that an equalising goal was coming then you can still cashout, end your interest early and still take a profit.