Several bookmakers now offer and heavily promote their 'cash-out' feature on TV and online, and big sports accounts often open up the debate when followers send in their 'cash-out dilemmas'.... Should someone cash out after winning 8 of their 9 games in an accumulator or should they take the risk and see if the final team can win too. The answer is simple, but is becoming less and less clear due - NO, you should NEVER use the cashout option.
Using the example in the image above, you can see that this guy has done a £500 five fold. The first four bets have won, leaving him with Arsenal to win tonight at Aston Villa - at a price of 1.57. Betfair have been generous and said "you know what, we'll give you £2674.44 and settle the bet right now". Wow, the bookmaker is willing to pay out on his bet before he won!
Also, as anyone who bets on sports will know, there is no such thing as a banker, and should Arsenal struggle and not get the win at Villa Park, the guy will end up with absolutely nothing except the regret of not cashing out when he had the chance. This fear of regret is the reason this is proving successful with the bookmakers that use this facility. People see a decent number and take it, but a serious bettor should know to look a little deeper.
Say No - Work it Out
You don't have to be a whizz kid at maths, but you should be looking at whether or not the bookmaker is actually offering a good deal. Like anything in life, don't be dazzled by the big numbers or promise of something exciting, delve deeper and have a proper look. Is what they are offering good value for money, or are there any alternatives?
You have three options at the end of the day...
- Accept the Cash-Out from Mr Betfair, enjoy the £2674.44. You'll be annoyed if Arsenal win, but delighted with your choice if Villa get a result.
- Reject the cash out and let it ride. You backed Arsenal because you think they're going to win, just because you've got the option to cash out half your winnings shouldn't change your opinion on the game. If Arsenal win, happy days! If they draw or lose, you lose the £500 stake.
- Reject the cash out from Betfair, and cash-out yourself. Go the the Betfair Exchange and LAY Arsenal at a price of 1.53 for £1,568.25 liability and GUARANTEE yourself £2958.96.
Option three is the manual version of what Betfair (and other bookmakers) offer on the cashout feature. The manual version earns you an extra £284.52 profit, which equates to an additional 13.1%.
Betfair have taken 13.1% of your profit for doing nothing, don't let them do it! In this instance, the best value is actually option three, as the price you are opposing Arsenal is less than the price you backed them at...
THINK TWICE BEFORE CASHING OUT