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What is Cash Out in Betting?

US online sportsbooks are constantly working to offer their members cool features to help them stand out in an increasingly competitive market. Many now offer a cash out option that allows bettors to collect winnings on their wagers before the bet has been officially settled. This unique live-betting feature is growing increasingly popular among bettors looking to lock up profits or cut their losses early.

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How Cash Out Works at Betting Sites

The best online sportsbooks feature intuitive live bet slips that reveal exactly how much money can be earned for each wager that has been placed. If an online sportsbook offers an early cash out option, it is usually found on this same live bet slip or active bets page.

Many of the top US betting sites provide this cash out option for pre-game, live, future, or parlay wagers. Sports bettors simply click the “Cash Out” button featured on their live bet slip page to claim their winnings or cut their losses before the bet has been settled. After clicking this button, the placed wager will be immediately settled and the funds earned will be instantly credited to the bettor’s account.

DraftKings Sportsbook is one of the most popular US sports betting platforms that offers an early cash out feature. Members of this site will find this cash out offer on the “My Bets” page. Click the yellow “Cash Out” button to immediately settle your bet and receive your funds.

DraftKings My Bets

  • As an example, let’s assume a member of DraftKings Sportsbook has placed a $200 moneyline wager on an NFL team with odds of +135. A winning bet here would pay a total of $470. If that team has maintained a reasonable lead into the fourth quarter, DraftKings may offer an early cash out option of $400. Claiming this cash out option would guarantee a significant profit, yet still pays less than what would be earned if you wait for your bet to be settled naturally.

It’s important to note that this cash out feature is not available for every bet. It may also be limited to wagers on certain sporting events. Every online sportsbook sets its own rules related to early cash outs and it’s recommended to check whether this option is provided before placing any wagers.

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When is Cash Out Available?

Early cash out options can benefit both bettors and sportsbooks. Bettors are able to earn profits on wagers in which the outcome is far from certain. Online sportsbooks can cut their losses by paying less than what would be provided on a winning bet.

The specific time in which an early cash out becomes available varies depending on the sportsbook and specific bet placed. Sometimes, an early cash out can be claimed immediately after a sporting event has begun. Other times, this option becomes available after a significant portion of the sporting event has taken place. Online sportsbooks can also wait to offer sports bettors an early cash out until a wager has beaten the closing line by a large margin. Sportsbooks may even choose to completely remove the cash out option if the sporting event is closely contested.

Cash Out Betting Types

Online sportsbooks have the ability to offer an early cash out feature for a variety of bet types. As previously mentioned, that can include pre-game, live, future, or parlay wagers.

DraftKings Games

The vast majority of online sportsbooks provide a variety of wagering options including moneyline, totals, point spread, props, and futures bets. It’s generally possible to claim a cash out for each type of these wagers. Always check the terms and conditions of a sportsbook to learn exactly when an early cash out can be requested for each type of sports bet.

Partial cash out is one additional option occasionally offered, where players can cash out a portion of their bets and let the rest play out with readjusted odds.

How to Cash Out Your Bets

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The steps to perform an online sportsbook early cash out are very simple. In fact, bettors can settle their bets early and receive their winnings with the single click of a button. The steps below explain exactly how to claim a cash out.

  1. Choose an online sportsbook that offers early cash outs – Many of the top US online sportsbooks including DraftKings Sportsbook, BetMGM, and FanDuel Sportsbook provide this option.
  2. Make a bet – The option to claim an early cash out will become available at different times, depending on the type of bet placed.
  3. Wait for the sporting event you have wagered on to begin – Early cash outs are typically not available until a sporting event has begun. Parlays, however, can often be settled at any time once several of its legs have been won.
  4. Find and click the “Cash Out” button – This button will be clearly visible as soon as cash out becomes available. It is almost always found on your sportsbook’s live bet slip, or on the “My Bets” page.
  5. Instantly receive your funds – Once a cash out has been initiated, your bet will be settled and all winnings associated with the cash out will be credited to your account instantly, unless you opted for partial cash out.

Best Time To Use the Sportsbook Cash Out

The best time to claim an early cash out will depend on several factors, including how each individual bettor is feeling about their wager. Settling a bet early can help to guarantee winnings, yet also results in bettors being paid less than they would have by letting the bet fully play out. There are, however, some specific times in which choosing to cash out winnings makes the most sense.

Waiting for a Lucrative Cash Out Deal

Many experts recommend choosing a cash out if a sportsbook is offering close to what would be paid out by waiting until a bet is settled naturally. Sport betting is notoriously unpredictable and even if a winning bet looks all but guaranteed, things can change in an instant. Taking winnings close to what would be paid with a winning bet ensures you a large profit.

If the Momentum Begins to Shift

It can also be a smart decision to choose an early cash out if the momentum of the sporting event you have wagered on begins to shift in a negative way. For example, if the team you have wagered on is ahead on points, yet that winning gap quickly begins to shrink, it’s often a smart call to take your profits before your bet is lost completely.

Claiming Winnings on Parlays

Claiming early cash outs on winning parlays is perhaps the most popular time to utilize this online sportsbook feature. An entire parlay is lost as soon as one leg of it is lost. These are extremely risky types of wagers and many bettors miss out on huge profits by attempting to win the final leg of a parlay, rather than taking a cash out. Legal online sports betting sites tend to offer very lucrative payouts for cash outs on winning parlays that are close to being settled.

Is Cash Out a Good Betting Strategy?

An early cash out can be a great, or poor betting strategy depending on the circumstances. There are several instances when this option certainly makes sense. Of course, cashing out early means earning less profits on what could possibly be a winning wager.

In general, it’s best to avoid this option when betting on sports online. Sports betting is always risky and bettors should always take that risk into account before placing any wagers. Many hardcore bettors recommend skipping early cash outs, as they remove the chance of earning the most profit on wagers and, if done consistently, will significantly limit winnings.

Online sportsbooks are not in the business of giving away money for no reason. These betting platforms only offer early cash outs when it makes sense to them. Take that into account and understand that the amount of money you are claiming with a cash out could be far less than you would have earned otherwise.

Reasons You Might be Unable to Cash Out

There may be several reasons why an online sportsbook will prevent you from claiming an early cash out. The most obvious reason, of course, is if the online sportsbook you have joined does not offer this feature. Below is a list of some other common scenarios in which a cash out may be unavailable.

  • If the score of a sporting event is extremely close, online sportsbooks may choose to withhold early payout options.
  • Cashing out on a suspended game is generally not available.
  • As games are close to ending, online sportsbooks often remove the option to claim an early cash out.
  • Any wagers placed using a bonus bet offer may be ineligible to claim a cash out.
  • Early cash outs are not available on events that an online sportsbook does not offer in-play wagering on.

FAQs

What is the cash out option at sportsbooks?

A sportsbook cash out option allows bettors to settle wagers early, before the sporting event they have wagered on has concluded. It can be an effective way for sports fans to earn quick profits or cut their losses on wagers.

Should I cash out my bet when allowed?

The best time to claim a cash out will depend on several factors. Generally speaking, it’s best to avoid claiming a cash out. Sometimes, such as when a sportsbook offers a cash out amount close to what would be earned from a winning bet, this option makes sense.

Can I revert my cash out?

Once a cash out is initiated, it is final and funds are credited immediately. There is no option to reverse a cash out.

How is cash out calculated?

Online sportsbooks calculate cash out payments based on several factors. Sportsbooks aim to find the current value of a wager to provide the most logical early cash out amount possible. Betting sites are growing increasingly effective at analyzing live, in-game wagering odds and offer cash out payments based on how the live odds are set.

Why do sportsbooks allow to cash out early?

Early cash outs can benefit both bettors and online sportsbooks. The main benefit to sportsbooks is offering players payouts of less money than what would be earned if their original wager ends up being a winner.

Which betting sites let you cash out?

Several of the biggest and most popular online sportsbooks offer cash outs, including DraftKings, FanDuel, and BetMGM.