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DraftKings Cash Out: How to end your bet early for profit

Author:

Alex W

Updated:

07-04-22

Huge sports fan. Football & MLS fanatic. Lover of all things gambling - Sports betting, Casino, Poker and of course, Las Vegas.

If your bet isn’t going to land, wouldn’t it be great if you could cancel it and get some money back? Well, that is exactly what you can do with the DraftKings cash out feature.

With the growth of legal online sports betting, online sportsbooks have been forced to look at ways to improve the user experience. Sports bettors now have the ability to bet from anywhere, claim generous bonuses and promotions, and access new ways to wager with the emergence of live betting. However, one feature that doesn’t receive a lot of attention but is an excellent option for users is the sportsbook cash out feature.

Previously, there had never been a way to settle an original wager early. That is now possible with online betting cash out as sportsbooks offer this option with the touch of a button. Whether you want to cut your losses or at least secure some winnings, so it becomes a winning bet, cash out betting is possible.

Although some operators out there would be included on a best cash out betting apps list, this article focuses on the DraftKings cash out option. We will cover how to cash out a bet on DraftKings, work out your cash out amount, early cash out options, and more. This feature is available on all platforms from the sportsbook, meaning you can cash out online and also on the awesome DraftKings sportsbook app.

What does a sportsbook cash out mean?

First, we thought it would be helpful to explain what a cash out, otherwise referred to as a Buy Out, means for customers. It allows you to settle a bet and accept a payout less than the total potential winnings before the match finishes. If you choose to take this, the benefit is locking up some profit that you can keep regardless of how the score/how the event unfolds.

DraftKings cash out

A sportsbook offers cash out usually while an event is running and before it ends. Consequently, Cash Outs can be viewed as a live in-play betting feature. However, cashouts may be offered mid-season as well. For example, if you like to bet early, you could use the futures bets option. These wagers could be a DraftKings NBA futures bet on the eventual NBA champion or the NFL rookie of the year.

How to use cash out DraftKings sportsbook

Cash outs are a popular feature of online and mobile betting. On DraftKings, you can use cash out on selected sports for pre-game, live, future, and parlay bets. It can be for more or less than your original bet amount, depending on how events unfold after you have submitted your bet. You will be able to see if your wager is eligible for cash out when you add it to the bet slip.

Once you have placed a bet with DraftKings, you can Cash Out early by heading to ‘My Bets‘ and selecting the yellow cash Out button. You can do this on the app, or log in online at sportsbook.draftkings.com. You will receive your payout once you confirm the cash out, and the money will be deposited in your playing account immediately.

Parlays are a popular choice for cash outs on DraftKings, as, for example, if you place a five-leg parlay and four-win, you can lock in those winnings before the final leg is over.

How to cash out DraftKings

Why should you take cash out on DraftKings?

If you decide to cash out early, you allow for two things to happen that will benefit you. The first is that you can secure your winnings without running the risk associated with letting a bet unfold until the end of the sporting event. The second is that you can cut your losses if the wager looks like it is struggling and things are going bad. It is like a forfeit of a wager. It is not that you are choosing to cancel bets on DraftKings, but rather choosing to take at least something over the full payout.

Cash outs are a give-and-take deal between the players and the sportsbooks. When you cash out a winning wager to take a profit, as we have mentioned, that profit will be less than the entire amount. This is what the player is giving to the betting site. The take is the player receives less risk and can lock in a profit.

Cashing out of a bet can work well for losses, too. When you cash out, you will lose less than the maximum amount, which allows you to cut your losses. If a bet has gone really badly and you don’t think there is much chance of winning, choosing to cash out of the bet can cut the loss to a lesser amount.

How is a cash out calculated?

Cash Outs are calculated in the same way a sportsbook would offer odds on any type of wager. The sportsbook will set a price based on a variety of factors and offer this price to the bettor. When it comes to a cash out, the price is what a betting site determines as the current value of the wager.

Live betting is rapidly growing in the US sports betting market, and with it, online sportsbooks are getting more efficient with the in-play betting odds they offer. Similarly, betting sites are getting more efficient at the prices they set for Cash Outs.

With point spread and moneyline bets, determining a bet’s value is straightforward. However, things can get a little more complicated for more advanced wagers, such as parlays and futures. Regarding futures bets, there is typically an extended period of time remaining, and lots can happen during that time. Parlays must have several legs of the parlay left to go, which makes it tricky for a user to decide if they should take the Cash Out offer.

Sites like DraftKings will determine cash out odds through a combination of real-time odds and removal of risk based on the original wager amount.

Cash out suspended

FAQs

What does cash out mean in DraftKings betting?

Cash out means the same on DraftKings as it does on other sites such as the FanDuel sportsbook. Users have the option to settle a bet early, ensuring they lock in some profit and cut their losses before the event is finished.

DraftKings cash out greyed out, what does this mean?

If you see the grey cash out option greyed out, this means the cash out feature is no longer available on this bet.

When can you cash out on DraftKings?

When you have placed your wager, you can cash out early by heading to the ‘My Bets’ section and pushing the yellow cash out button.

Can you cash out a parlay on DraftKings?

On selected sports, cash out is available for parlay bets in addition to live and futures bets.

Why does cash out become unavailable?

Cash out may be unavailable for a couple of reasons. First, if your cash out value is less than the stake you have used from your free bet. It will become available again if the value goes up. Second, the market may become suspended temporarily due to match conditions.

What does cash out suspended mean on DraftKings?

This occurs when there is a match incident, such as a free-kick, goal, or a corner in a soccer match. This will cause a suspension of a cash out, meaning it will be difficult to cash out a wager which contains numerous selections.