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ENFormula and example
Cash out = potential payout x current probability of winning minus marginA €10 bet at odds of 3.00, potential payout €30. The player's team is leading, and its chance of winning is now, say, 65%: the fair price is €19.50, and with the margin the bookmaker offers €18.50.
A partial cash out sells only part of the bet: the player takes €9.25 now, while a €5 stake at 3.00 stays in play. Auto cash out sells the bet automatically once the offer reaches the amount the player has set.
Why bookmakers offer it
- Engagement. The player follows the bet for the whole match, especially in-play, and the cash-out money can go straight into a new bet.
- A second margin. The cash-out price is below the fair price, so on average every bet sold earns the bookmaker the difference, €1 in the example.
- Risk control. Cash out takes some of the large potential payouts off the book before the event ends, especially on accumulators.
What it costs
The cash-out price is calculated in real time for every open bet, and it is no more accurate than the in-play odds on the same market. A pricing error or a data delay costs money: a bet that has already lost value gets bought back at the old price.
The second cost is trust. A player reads an offer well below their expectations as an attempt to take their winnings, and that means complaints and fewer bets.
Common mistakes
- Cash out is not suspended with the market. On a goal, a penalty or a data outage the price lags by a few seconds, and the bookmaker buys the bet back for more than it is now worth.
- Cash out on markets with weak pricing. Where the in-play price is inaccurate, so is the cash-out price, and professional bettors are the first to find it.
- No rules for bonus bets. The terms state whether cash out is available on free bets and whether a cashed-out bet counts towards wagering.