There are no sure things when it comes to sports betting, so you just have to come to terms with the fact that losing is part of the game. However, that doesn’t mean that there won’t be times when the losses sting badly.
For example, an NFL or CFL moneyline, spread or total bet could come down to a simple wayward kick. An NHL game that’s all but wrapped up could suddenly end up tied in the closing seconds of regulation, setting the stage for an anything-goes overtime and shootout.
Wouldn’t it be awesome if you could take your winnings off the table early? How about mitigating some losses? Thankfully, it’s yes on both. We’re going to go over the key aspects in our complete guide to cashing out early at legal online sportsbooks in ON.
What’s a cash out in sports betting?
The cash out option lets you settle a bet in advance of the wager going final. It’s available at many legal online sportsbooks in Ontario, but the exact terms and conditions may vary.
It allows bettors to take some of their profits early if results look likely to break in their direction. In other cases, you can cut your losses and preserve some of your stake on outcomes that appear destined to go against you.
The cash out option won’t always be available. It’s important not to view it as a fail-safe or to treat it as an opportunity to wager in a haphazard fashion. However, it’s certainly an option to keep an eye out for as it allows for a little more control over your bottom line.
Why do sportsbooks let you settle bets early?
Just like bettors, sportsbooks are in the game to make a profit. There will be times when results appear to almost certainly be headed toward a complete loss for them. In this case, they allow you to cash out to help mitigate the damage.
If, on the other hand, things appear to be going the sportsbook’s way, you can think of the cash out offer as a goodwill gesture. To remain factors in a highly competitive industry, sportsbooks often seek to build loyalty among consumers.
Cashing out has become a popular addition at many popular sportsbooks, and we can expect more to follow as a result. Sportsbooks want a reputation as the place to play, so they aim to have the features and benefits that users want.
Which sportsbooks allow early cash out bets?
The cash out feature is available at many of the top names in sports betting. Included on the list are industry leaders such as DraftKings Sportsbook, FanDuel Sportsbook, BetMGM Sportsbook and Caesars Sportsbook. For sportsbooks that do offer it, there will be detailed info on their websites and apps.
At times, the information will be in the promotions area, while others may have it tucked away in the FAQ, help or house rules section. Since the feature is in high demand, sportsbooks that offer it aren’t shy about letting customers know.
Can you cash out on bonuses or free bets?
When you’re placing bets with funds from a sportsbook free bet promo or incentive offer, specific terms and conditions will apply. Typically, the early cash out feature won’t be available for these types of bets.
Since you’re playing with house money, you won’t receive the amount of your bet back with any winnings. And any losses will simply mean that you’ve used up part of your credit. That said, it’s possible to see an option to cash out if it looks like a big win is coming your way.
How to cash out early
After you place a bet at a legal online sportsbook, the wager will move over to the open action section of your account. At some books, there will be a spot on the main betting slip where you can view your current open wagers.
For other books, you may see a label along the lines of “my bets,” or there could be a link once you view your account information. Once the bets go live, as in the contest or event getting underway, it’s time to keep an eye on your open wagers.
Some books will let you cash out your wagers in advance of game time, but it won’t necessarily be for an exact refund. Unless you’re getting a dollar-for-dollar return, you should use the feature only in extreme cases.
After the event goes live, a cash out option may or may not be available right away. If it is immediately available, it will generally be for less than your initial stake. Once a portion of the game has taken place and points are on the board, offers will start popping up.
When they do, you’ll see a button with a label like “cash out” or “buy out.” If you’re happy with the offer, just click on it and the sportsbook will settle your bet at those terms. Naturally, you don’t have to cash out. Simply do nothing if you don’t like the offer.
After you’ve cashed out a bet, it will no longer be in the open bets section with any other wagers that you have placed. It’ll move over to your transaction history, and the sportsbook will quickly credit the amount of the cash out offer to your account.
Reasons why a cash out option might not be available
While cashing out is a feature that continues to grow in terms of availability and popularity, that doesn’t mean that you’ll see it for every wager. Here are the main reasons why it won’t be available:
- The sportsbook doesn’t offer cash outs.
- The bet you placed doesn’t qualify.
- The result is too close to call.
If it’s an eligible bet at a sportsbook that lets you cash out early, and you don’t see it available for your wager, that means the sportsbook hasn’t determined the likely outcome or the best offer. You can check back on your open bets as the game plays out to see what offers become available.
Examples of cashing out a bet early
You can apply the cash out option to a sports bet in two ways: to take some winnings early or to cut some of your losses. Let’s walk through an example of each, starting with the latter. Say you want to bet on the following point spread:
Edmonton Elks at Toronto Argonauts
- Spread: Argos -5.5
- Odds: -110 or 1.91
After breaking down the game, you like the Argos not only to win outright, but also to cover the 5.5-betting spread. You place a $100 bet and stand to win back $90.91 if it turns out to be correct. At the half, the Elks are making a game of it as the score sits at 17-14 in favour of the hosts, so Edmonton is currently covering the spread.
As the rest of the game plays out, the Argos maintain the lead, but they’re never able to break away. At the start of the fourth quarter, they’re up 24-21. The book offers to let you cash out early for $30.30, so you have a decision to make. Should you cut your losses or hold out hope that Toronto will go on to expand the lead and cover?
Of course, the cash out option can also work in your favour. For example, let’s say that you’re looking to place a parlay bet on some NHL games. After doing your research, you put together a three-leg bet:
- Toronto Maple Leafs over Montreal Canadiens (-178 or 1.56)
- New York Rangers over Washington Capitals (-108 or 1.93)
- Winnipeg Jets over Anaheim Ducks (-144 or 1.69)
- Total parlay odds: +410 or 5.1
You place a $100 bet for a chance to win $410 in profit. After the first two games are in the books, you’ve been right twice and are looking good. The third game is still playing out, but your side has the lead. The sportsbook offers you the option to cash out your parlay early for $274 in profit and call it a day.
There will also be times when the event looks like it’s too close to call. The book may not offer any cash outs at this time, or it could post the option with a small profit or loss. Exactly when to take the offer or pass on it is up to you, but we’ll walk through some cash out betting tips you can use in a bit.
Pros and cons of cashing out
Is cashing out bets a good idea? While it’s fantastic to have the option to cash out, that doesn’t mean that it’s automatically a no-brainer whenever it’s available. Treat each wagering situation differently and on its own merits. To that end, let’s consider some top cash out betting strategies and the best arguments for and against cashing out early.
Pros of early cash out betting
- Provides bettors with additional control over profits and losses.
- Take profits early and secure wins before the wager moves against you.
- Cut some of the losses on bets that don’t appear to be going your way.
Cons of early cash out betting
- The cash out offer may not be worth it.
- You could move too soon and see the result flip.
- Opens the door to questioning your decisions.
Ultimately, the choice is yours on whether to accept an offer. While you may have to move quickly, you can do yourself a favour and prepare for the possibility beforehand. A great starting point is taking the time to work through your personal comfort level on the profits and losses that you’ll accept in the event of an offer.
When should you cash out your bets?
When you have the option to cash out, you’ll have to make your mind up right away. Since each situation is distinct, there’s no blanket answer on what to do. However, you can learn to spot when it makes sense — and when it doesn’t. Here are some situations when taking it can be a good deal.
- If a bet appears to be in hand with a good amount of time left on the clock, it can make sense to book an acceptable profit.
- For challenging multi-leg wagers, you can take some profits as opposed to hoping everything goes your way.
- When you place a bet that’s simply looking like a bad call, it may be time to lessen the damage.
Once you’ve cashed out, there’s no going back. That being the case, it’s helpful to know what you want heading into the bet. If taking some profits intrigues you, then consider what you’d be happy with if a bet starts to break in your favour. As for when to pass, you can work through a similar process.
When shouldn’t you cash out your bets?
Cashing out isn’t always the best choice. Just like deciding to take the offer and move along, there are times when it can make more sense to stick it out. Whenever it comes up, quickly work through the parameters and decide based on the information at hand. These are some of the times when you may want to consider passing:
- If your choice has what looks like virtually an insurmountable lead, don’t look to settle for a portion of your winnings as opposed to waiting for the whole thing.
- For games that are too close to call, you may as well stick with your initial instincts and see how it all plays out.
- If you’re sensing a comeback for your losing side, don’t take your losses and miss out on what could possibly break your way.
Until we see a cash out offer, we may not know exactly how we’ll react. As such, it’s important to outline your personal comfort level in both directions. By doing that, you’ll already have a sense of what you’ll accept, as well as what you won’t.
Sports Betting 101
- Alternate Lines Explained
- Best Leagues and Sports Teams to Bet on
- Hockey Betting 101: Puck Lines, Moneylines or Totals
- How to Make a Parlay Bet
- MLB First 5 Innings Bets vs. Full Game Bets
- NBA vs NFL Betting: Similarities & Differences
- Single-Game Betting vs. Parlay Betting
- Three-Way Moneyline Bets
- Touchdown Prop Bets
- Understanding Vigorish & How it is Calculated
- What are Grand Salami Bets?
- What are Proposition Bets?
- What is a Betting Exchange?
- Where Do Sports Odds Come From?
- Why Was My Sports Bet Cancelled?
Key takeaways on cash out betting
The cash out option is increasingly popular at legal online sportsbooks. While not available everywhere just yet, it’s a trend that shows no signs of abating. As a result, it wouldn’t be surprising to see it available everywhere before too long.
Cashing out provides you with the flexibility of taking some profits early for bets that are breaking in your favour, as well as the chance to mitigate some damage if the opposite is happening. If you take the offer, the sportsbook will settle the bet and credit the cash out amount to your account.
There are times when cashing out early makes sense, and other situations when passing may be the better choice. For sports bettors, the best advice is to sort out your personal risk tolerance and goals so you know when you’ll either take it or pass.