DraftKings Cash Out: How To End Your Bet Early For Profit

What Does a Sportsbook Cash Out Mean?

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.

When you are using DraftKings Sportsbook, you often have the opportunity to cash out. 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.

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

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. Please note that you will need to physically be in one of the DraftKings legal states before you can successfully cash out your wager.

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. If you are new to parlay betting, you need to check out our guide on how to parlay with 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. If your bet was canceled without you knowing why, check out our dedicated troubleshooting guide.

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.

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.

DraftKings Cash Out Strategy

There are many applications where the cash out tool can be used to your advantage, but it all depends on your bet, and how much extra fat off the top you are willing to trim from your potential winnings.

Futures Cash Out Strategy

Take advantage of early bird odds and look for great bargains on strong teams. It is best to pick open competitions, such as the Champions League in soccer, where there are multiple favorites. Now, if you find some great odds, let’s say on two or three teams, then you do not necessarily just need to pick one. Let’s say you bet on all three teams, and they all pass the group stage and head to the knockout phase of the tournament. You can pull the plug on any team at any time, but the further they reach, the larger their cash out offer will be. Just remember though, only one team can win the title, so you need to pull the plug on at least two teams, and with cash outs there is no “better late than never”.

Parlay Cash Out Strategy

If you bet on several games that play at the same time, then your parlay cash out offer will be difficult to use. It may become suspended a lot, due to game conditions, and your offer can bounce up and down extremely quickly. Don’t make a hassle of it, spread out your multiple leg parlay bet on games that are not playing simultaneously, and then you have more time to process your cash out and see if the offer is worth it.

Live Betting Cash Out Strategy

If you can think fast on your feet and have a lightning-quick trigger finger, you can take advantage of live cash out offers. Sports such as tennis, football and basketball are fast paced and high scoring, meaning the cash out changes dramatically during a game. You can make your live bets and if your player or team suddenly takes the initiative, you can receive a tremendous buy out offer. It is quite frenetic, but if you have good knowledge of the sport and the contestants, then you can turn a tidy profit

Of course, there are loads of ways you can use the DraftKings cash out function to your advantage. During a game, we highly recommend you to keep the app running or your browser open, so you can check out the offers during the game. Be sure to run through our live betting strategy too, where there are more tips on live betting.