There was once a time when the only way to bet on sports was to visit an in-person sportsbook, hand over your cash, collect your ticket and see if your bet won. These days, technology has taken the intermediary out of the equation in many situations. This means that your dealings are directly between you and your sportsbook via your mobile device or computer.
With legal online sports betting available in a growing number of states, sportsbooks have learned that to retain customers, they have to enhance the experience. One such enhancement is the ability to make your wagers from anywhere within the state lines where betting is legal. Another is welcome bonuses for new customers as well as promos for existing customers.
Sportsbooks have also changed the way betting works with things like live betting and the ability to cash out of a bet early. The latter has become popular with bettors as it allows them to cut their losses, secure some winnings or any other reason to simply cash out a bet without any hassle.
Below we discuss what cashing out early means to potential MA sportsbook sites and bettors if the state one day legalizes online sports betting. We also take a look at the best cash out betting apps that could potentially be coming to Massachusetts.
What is cashing out in sports betting?
Some sportsbooks offer an option for bettors to cash out of a bet before the wager is 100% final. In most cases, bettors can get a portion of their total payout from a wager that is currently active. In exchange, you allow the sportsbook to not be responsible for paying out the remainder of the money.
That sounds like a bad deal, right? But here’s the thing: You can also use this feature when it looks like things are going against you. Cash out and keep a little bit of your own money, or lose the bet and get nothing in return.
As the bettor, you aren’t forced to take a cash-out option, but if you do decide to use the feature, there is no going back. The bet is finished, over and done as soon as you take your cash-out.
Which sportsbooks offer early-cash out betting?
Most reputable and popular online sportsbooks have started to offer cash-outs as a regular feature. You’ll see betting sites like DraftKings Sportsbook Massachusetts offering the option for many wagers.
The books are competing for every bettor that they can get right now. Because of the sudden growth of the industry, bettors are able to get choosy about which sportsbooks they want to use. One popular incentive is the use of sign-up offers and bonuses for creating an account. The cash-out feature is just one of the many ways sportsbooks create a friendly user experience in order to retain their customers.
Which are the best cash out betting sites for sports bettors? Some of the sportsbooks that have been offering cash-out options include FanDuel Sportsbook, DraftKings, BetMGM Sportsbook Massachusetts, and Caesars Sportsbook. Other things that these books have in common are a robust selection of betting options and user-friendly interfaces on their mobile and online platforms.
When can you cash out a bet?
Sometimes you’ll see the offer before a game even starts, and at that point you’ll be able to cash out for the same amount of money you wagered. That isn’t always the case, though. Sometimes if sports gambling odds have shifted significantly, then the offer will be for less than the original wager amount.
However, keep in mind that once the action begins, the amount for which you’re able to cash out is going to change. If it looks promising that you’re going to win your bet, the cash-out amount is going to climb, though not to the amount of what a full payout would be. If you appear to be on the wrong side of the wager, the amount will stay low, though you’ll have the option to at least get some of your money back.
Once a game is all but over, sportsbooks will generally remove the option to cash out. So don’t wait too long if you might want to cash out early.
How to cash out a sports bet
Looking for an example of how cashing out a bet might work? Below we have two fictional scenarios of when a bettor might cash out.
First up, we’ll use NHL betting as an example, with a bet on the Boston Bruins, Detroit Red Wings and Arizona Coyotes as a three-team parlay to win. Before the games began, the odds for such a parlay were at +455, and you wagered $25, meaning that the payout on a winning ticket would be $138.75 — the original wager of $25 coming back to you plus $113.75 in profit.
In our example, say you win two of the three legs of the parlay but realize it isn’t looking very good for a Detroit victory. Instead of risking the entire wager or seeing if the Red Wings can pull out a come-from-behind win, you could instead cash out your parlay early for $47.50, which is still a profit of $22.50.
Now let’s look at another fictional example. This time we are going to put a futures bet on tennis, wagering that Iga Swiatek will win the women’s Australian Open at odds of +1200. That means a $15 wager on her would pay out $195 ($180 in profit) if she does win.
However, in our fictional tournament, Swiatek isn’t playing very well and seems to be suffering from an unknown injury. Because things look bleak, the cash-out offer keeps shrinking until we decide to accept the lost cause and take the payout. In the end, we get back 25% of our original wager, or $3.75.
Still better than taking a complete loss, though.
What’s the best cash out betting strategy?
Cashing out a bet or holding on to the end often comes down to personal choice. We’ve all watched teams make miraculous comebacks, so you never want to count anyone completely out in most sporting events.
But cashing out could sometimes be a smart move. Maybe you’ve come to realize that you placed your bet without all the proper information, so you want to cash out before the game even starts. Or you’re starting to see the opposite side from your wager starting to make a comeback, and you want to guarantee some profit before the tide of the game can turn.
Whatever the reasons, just keep in mind that cashing out a bet is a guaranteed end. You can’t go back, which means a partial payout could end up being just a fraction of what you could have taken home. We’ve all watched enough sports to get that gut feeling. Sometimes we’re right, and sometimes we aren’t.
Taking a payout when things are going bad for your wager means you’ll take less than your bet amount, but at least you walk away with something to put back into your bankroll. On the other hand, if the bet is looking like things are going well, then you could cash out and take a guaranteed profit.
It all comes down to the bettor, the event and the situation at hand. No two bets are exactly the same. You’ve got to make the decision that works best for you and your bankroll management plan.