Ever cashed out on a bet and then your team has gone onto concede? Then you sit there with that smug look on your face thinking, "yea I got one over on the bookies". If you did, great, please don't tweet me about it! My followers on Twitter have often heard me talk about cashing out on bets. I think the general term is "Cashout is for p***ies". It's not really the cash out that I mind to be honest, it's the gloating that someone who cashed out decides to do on Twitter which does my nut in. There are appropriate times to cash out actually so I'm not saying never use the tool. But knowing when to stick and when to twist is all part of gambling isn't it?
In this guide I'll give you the ins and outs of cashout, giving you a bit of insider information as well as telling you when cashout is appropriate. In the right circumstances it can be a great tool, but use it all the time or at the wrong times and you're basically feeding the bookies!
Why do bookies offer cashout? Because it makes them more money, simple. By cashing out you are essentially feeding their arse pockets. How I hear you ask, well let me explain!
Every market that you ever bet on is priced to make money. The bookies know where there liabilities are and they adjust prices accordingly to monitor that. Generally they make around a 7% margin on the likes of football, but cashout increases that margin further. Your cashout that you're offered isn't just based on how your bet is looking at the moment. There's something in the background adding up all of those numbers and essentially increasing their margin. If you put £10 on a 4/6 shot to win £16.67 and they offer you £15, you've taken 1/2 and increased their margin. Even if it's just a few pence short because you're impatient, you're still decreasing value which hardly existed in the first place and the bookies then rake in more cash.
When is the right time to cash out?
To put it simply, when the circumstances of your bet change. Let's say you back a team who are dominant to win, they score and you're in a decent position but the other team is constantly pressing and your boys have decided to sit back and soak up the pressure. CASH OUT! The circumstances of your bet have changed and you might as well avoid the potential risk involved in letting the bet run. There's no shame in that, it's just all about interpreting when a bet changes. Just because the opponents are having a "dangerous attack" doesn't mean you should get out. Track the stats for a while and wait then make an informed decision. If your team has decided to take off their star striker and bang on a shocking defender then use this information, and then make a decision.
When is the wrong time to cash out?
The first and most annoying scenario for me is when people cash out bets that CANNOT LOSE just to make a quick buck. Let's say you back Over 2.0 Goal Line in a game, and the score is now 2-0 and you're being offered a bit of profit. Don't be a bloody mug and cash out. Your bet can't lose, why would you do something so stupid? People will say, oh well I'd prefer to take the extra money but if that's the case, don't put the bet on to start with if you're not confident. Why feed the bookies extra money when you're in a no lose position? If someone offered you a tenner in the street to stick on any bet you wouldn't turn it down would you, so let it ride!
The second and other annoying scenario is "oh well it was nearly full return". Let's say you back a team to win and before you know it they're 3-0 up. Your full return was £40 but they're offering you £39. For the sake of a quid you might as well cashout right? WRONG! You've just handed 5% of your returns back to the bookie. It may be a quid, but this is a game of %'s not £'s.
And the final scenario is because you've overstaked and now you're bricking it. If you fall into this bracket then you're just an idiot to start off with so anything I say won't help. Just cashout or lump if you want to, we're not friends any more.
What alternatives are there to cashing out?
Well believe it or not, you're paying a price for cashout to exist and be used. Those extra margins essentially pay the wages of the cashout tool and all the maths that goes behind it, but cashout technically existed long before cashout actually existed, if that makes sense, and it's called "laying" your bet.
So you backed Over 2.5 goals and there's 2 goals inside the first 10 minutes, your cashout is looking healthy right now but you're a bit worried that your team will shut up shop. Well rather than cashing out, if you're so scared of your bet not landing, then just back Under 2.5 Goals with the right stake. This is all cashout is doing for you anyway really, well, that and taking a little bit off the bottom line for the privilege of making it easy for you! It's a matter of doing a bit of maths, figuring out your liability in total and then laying it so that either way your bet can't lose.
Before you go around just clicking the cashout button on every single bet, just think about how it's affecting your returns and what % you are essentially handing back to the bookies for no good reason. Bookies WANT YOU TO USE CASHOUT! And for every time you cashout and a team concedes a last minute equaliser that would have made your bet lose, I can absolutely guarantee there are another 5 scenarios where your bet would have just landed anyway and you've given up some of your profit. Don't fall for positive association by only remembering the times where cashout saved your bacon. Go ahead and keep a track of every time you use it and then let me know if you're in profit from it! I can guarantee the answer is no.