Here at Honest Betting Reviews we like to look at the various tools that are available to you as a gambler and to explain what they mean and how you can use them to best effect. Today we look at the Betfair Cash Out tool.
With Betfair it has always been possible to lay your bets during an event in order to lock in a profit or limit a loss, assuming you could find a matching bet. However doing that can be unpredictable and it does take a degree of skill. Betfair has now made the process far simpler and transparent with their recently introduced Cash Out tool.
Betfair Cash Out allows you to end your bet prior to the end of the event, thus locking in a profit or a loss. The Cash Out value changes in real time as the event progresses and the value depends on the current betting market. This is centrally calculated by the Betfair servers and the current value is made available to you in (almost) real time.
Should you chose to accept the current Cash Out value, you can do so by clicking a button, as below. In this example, we had laid the draw before kick-off and after a goal went in early on, we could cash out for a guaranteed profit of £3.28, whatever happens.
The Cash Out value will then be credited to your account. As there may be latency in the system, and this will depend on many factors, it is possible that the actual Cash Out value will be different from what you believed it to be when you clicked the Cash Out button, but it is unlikely to be significantly different.
When you click the Cash Out button you will receive a confirmation screen which you must also click to confirm that you wish to proceed. While this may be annoying, it is an important safety feature to prevent you cashing out accidently.
If there is a sudden large change in the market; say a losing side score a goal and the winning’s side key play simultaneously gets a red card; then your Cash Out could fail. If this happens you will be presented with message informing you of this along with a new Cash Out value.
You are able to select whether to Cash Out the full value of your bet, or just a proportion of it. A slider is available to make this easier to carry out. Cash Out is available on many betting markets including football and horse racing. When it is available a Cash Out icon is displayed.
A Successful Cash Out
Cash Out can be a lucrative tool for amateur and professional gamblers alike. An example of a highly successful Cash Out happened recently; in fact it has been described as being “The greatest Cast Out of all time.”
The punter had a £1.5 million accumulator made up of 22 legs, all football matches. There had been some tense moments; for instance the fifth leg was QPR to beat Charlton, which they did so in in 94th minute of the match. Prior to that match he had been offered a Cash Out of £25,000.
The punter hung on until after the 16th leg which was Atletico Madrid to beat Espanyol. The next leg was Barcelona to beat Real Sociedad and prior to the match he was offered a Cash Out of £53,000. We don’t quite know what persuaded him, but this time he accepted it and it was a fortunate decision. Barcelona lost, so without the Cash Out he would have been left with nothing.
There are no fixed rules on deciding when to and when not to use the Cash Out option. Often, like the example given above, it is a seat of your pants decision. Many punters advise specific Cash Out strategies such as cashing out the value of their initial stake; setting a win target or lose limit and cashing out when either of those are reached. However you use it, it is an excellent tool that can add an extra dimension of control to your betting, so why not check it out?
*T&Cs apply, new customers only, 18+