What is the cashout at the bookmakers?
The Cashout or "Close Bet" as it is known in New Zealand, is a tool offered by bookmakers with cash out that allows close your bet early , before the event is over. According to the bookmaker, it can be done before the event starts and even live while the match is being played.
Without a doubt, Cash out is an interesting tool that reduces the risks of betting, since it allows the user to close his bet and collect his winnings when he decides. It also allows to minimize losses if the user considers that the bet is not on the right track.
How to use the Cashout?
Using the cash out is very easy. You just have to click on the “Close Bet” button that is in the bookmaker in question. Let's look at an example of Bet365 New Zealand:
When the button is clicked, some houses ask to confirm the operation, having to press the button again.
Once the bet is closed, the money will be immediately returned to the game balance.
What strategy to follow when making Cash Out
The Cash out as we said is a tool that can be very useful but also dangerous, in the sense that it can make us reduce profits considerably. You have to differentiate two moments when making cashout:
Pre-party betting
In pre-paid sports betting, making Cash out makes little sense unless we have made a mistake, or some relevant news has appeared that changes our perception of the match (and we want to withdraw our bet) or that the odds have dropped so much that we are interested in closing the bet with slight benefits without taking any risks.
Live betting (live)
With the live match the Cashout must be very methodical and well studied. It is when more mistakes can be made if we let ourselves be carried away by emotions or risk. In general, a bet should be made being aware of the risk involved and that we can assume losing it without affecting us financially or emotionally. Otherwise, we will be forced to use the Cash out (either with profits or losses) letting ourselves be carried away by the emotional.
Some circumstances where it can be interesting to Cash out live are, for example, a red card, that the team we have bet on is being dominated, that the Cashout pays enough to make it interesting to close the bet without taking risks, or that the circumstances of a match and our bet change (if we bet on “less than 2.5 goals” and the coaches make offensive changes).
The 3 best bookmakers that allow you to close bets
1 - Bet365
There is no doubt that Bet365 is the best bookmaker to make Cashout. It is a tool that is available in all the bets we make in this bookmaker, regardless of the market or sport.
In addition, Bet365 incorporates the option to make a partial Cash out (close only part of the bet) and even an exclusive tool that no other bookmaker has: make automatic Cashout when the amount reaches a figure determined by us. For example, we bet $10 at odds of 10 - We can mark on Bet365 that when the Cashout reaches $50, the bet will be closed automatically.
This 'Self-Closing' can also be done partially or completely.
2 - Rizk
In addition to the excellent offer of markets and services offered by Rizk, its Cash out is at the height of the best bookmakers that allow closing bets. It is a tool that is available in practically all the bets we make.
We can consider Rizk as one of the best bookmakers with Cash out for incorporating the option of making a partial closure. That is, to be able to close only one part of the bet, and leave the other part open.
Cashout at Rizk can be made both in pre-match and live bets.
3 - Betfair
Betfair is a recommended option if we often use Cashout. It is not at the height of Bet365, but it is equally acceptable as one of the bookmakers in which you can close bet. Betfair Cashout is available on virtually every bet we place.
In addition, this bookmaker is characterized by being one of the few next to Bet365 and Rizk that offers Cashout or partial closure. That is, we will be able to close one part of the bet and leave the other part open.
The Cashout is calculated based on the commission taken by the bookmaker. Each page applies its own rules and we can find better paid Cashouts in some bookmakers, which will be those that apply less commission on this tool.
According to the bookmaker, some have Cashout on all their bets and others only on some. In the second case, it is usually indicated in the markets that once the bet has been placed, we will have the Cashout available.
Usually, no. But there are circumstances that can make the Cashout very useful: breaking news that may affect a team, or circumstances of a match that indicate it is better to close the bet and not take risks.
Usually, if the bookmaker offers Cashout, it will also be available from the mobile or App version.
In those cases the bet is already failed and we will not be able to make Cashout.
