We tell you all about the cash out functionality that allows you to have more control over your sports bets
The cash out function is a great novelty in the online sports betting sector. It allows you to recover your benefits immediately if you win your bet or reduce losses before the end of the event if you think your forecast is not going to be met. It can even help you recover the money wagered on a long-term bet, if you finally prefer to invest it in another market. Suppose you wanted to bet on Colombia to win a friendly football match against Slovenia, but in an oversight you choose the tie in your betting coupon or maybe at the beginning it seemed a good idea to bet on the draw but you have changed your mind. Anyway, if you no longer want this bet it is possible to close it.
Now imagine that Mexico – without any doubt – is your favorite team to win a friendly game against Belarus. You follow the game live and you see that the low temperature in the Borisov Arena makes the performance of the Mexicans very difficult. However, Mexico gets the advantage with a goal from Raúl Jiménez in the 53rd minute. You are winning your bet but there are 37 minutes left and you see your team very insecure. Therefore, you prefer to recover your money now and secure your earnings. Now, with the cash out option, you can do it!
The “closing of bets” is available on the best online betting sites such as Bet365, Betfair Caliente.mx or William Hill. According to the bookmaker, it bears the name: «close bet», «cash out» or «recover bet». In any case the mechanics are the same.
How to close a bet?
You can close bets before the start of a match and also in the case of live betting. The option is not available for all events, or in all markets. That depends on the bookmaker. Normally, you will see a button or a characteristic icon in the section where your betting coupons are. Also, you will be able to see the current quota or the amount of money that you can recover when closing your bet.
How much can you win or lose when closing a bet?
The amount of money that the bookmaker offers you depends on the moment you decide to close your bet. If you want to close – for example – a $ 20 USD bet on Colombia to win against Slovenia you can recover $ 19.80 if the match has not yet started and if the odds have not changed. You can even get the amount bet plus an extra benefit if the odds are less than the odds on which you purchased your bet.In our example of Mexico against Belarus, you would recover the $ 20 wagered and secure a profit, say $ 5, by closing your bet in the 53rd minute, with the score in favor of Mexicans.
When to use the cash out option?
The option of closing bets can be extremely useful, especially in the case of live betting but you have to know how to use it. Bookmakers allow you to close a bet in exchange for a commission. Many bettors close their bets just for fear of losing and thus leave part of the potential profit to the bookmaker. Remember that there are sports in which everything can happen at any time and nothing is defined until the end of the game. On many other occasions, the functionality will be very useful. Try it!