Level 2 · Markets · Lesson 11 of 17
Cash out meaning: how cash out works in betting
Cash out lets you settle a bet before the event has finished. The bookmaker offers you an amount based on the bet's current chance of winning: take it, and the bet is closed at that value, win or lose. The offer is always a little below the bet's fair value, because the bookmaker builds a margin into it.
18+ 18+ only. Betting involves risk: never bet more than you can afford to lose. Nothing here is a guarantee of winning.
In this guide
How cash out works
When you place a bet, its value changes with the match. If your team scores, your bet is more likely to win, so it's worth more. If they concede, it's worth less. Cash out puts a price on that value at any moment.
- Full cash out: you close the whole bet for the amount offered.
- Partial cash out: you cash out part of the bet and leave the rest running.
- Auto cash out: you set a target value in advance, and the bet is cashed out automatically if the offer reaches it.
Cash out is usually available on singles and accumulators in popular markets, both before kick-off and in-play. It can be suspended at any time, for example when a goal or VAR check is happening, and it's not offered on every bet or by every bookmaker.
How the cash out offer is priced
The fair value of a bet is roughly:
Fair value = stake × original odds ÷ current odds
The current odds are what the bookmaker would now offer on the same selection. The offer you see is that fair value minus a margin.
You put £10 on a home win at 3.00 before kick-off.
At 70 minutes the home team leads 1-0 and the live home-win price is 1.40.
Fair value = £10 × 3.00 ÷ 1.40 = £21.43
The bookmaker offers £20.00.
Cost of cashing out = £21.43 − £20.00 = £1.43, about 6.7% of the fair value.
If you let it run: £30.00 if the home team holds on, £0 if it doesn't.
Why does the formula work? A bet at 3.00 that would now be priced at 1.40 has a chance of about 1 ÷ 1.40 = 71% of winning (see implied probability). 71% of a £30 return is about £21.43. The bookmaker then shaves something off, both for its margin and because live prices themselves include margin.
Same £10 bet at 3.00. This time the home team is 0-1 down at half-time, and the live price is 6.00.
Fair value = £10 × 3.00 ÷ 6.00 = £5.00
Offer: £4.50. Taking it gets back almost half your stake; keeping it gives a £30 return if the home side turns it round.
Because every offer carries a margin, cashing out costs money on average. If you cash out often, you're paying that margin again and again on top of the margin you already paid when you placed the bet.
Partial and auto cash out
Partial cash out lets you take some value now and leave some stake in the bet.
Same bet: £10 at 3.00, full cash-out offer £20.00. You cash out half.
Cashed out now: £20.00 ÷ 2 = £10.00
Still running: £5 at 3.00
Home team wins: £10.00 + £5 × 3.00 = £25.00 in total
Home team doesn't win: £10.00 in total (you've got your stake back)
That's often called "locking in" the stake. It's a middle path between a full cash out and letting it ride, and it pays the margin on only the part you cash out.
Auto cash out cashes out the bet when the offer reaches a figure you set. It's handy if you've decided in advance that, say, £20 on a £10 bet is enough. Be aware that auto cash out may not trigger if the market is suspended at the moment the value would have hit your target.
When cash out makes sense
Cash out isn't good or bad by itself. It's a tool, and it costs a margin. It makes sense when the reason for your bet has changed, not when you're simply nervous.
| Situation | Cash out? | Why |
|---|---|---|
| Key player injured or sent off on your side | Consider it | The new situation may be worse than the live price suggests |
| You'd no longer place this bet at the current odds | Consider it | Your view has changed, so the bet no longer fits |
| Your stake has become more than you're comfortable with | Consider partial | Reducing risk to a level you're happy with |
| You're winning and "don't want to lose it" | Usually no | You pay a margin for comfort, not for a better bet |
| You're losing and want "something back" | Usually no | The offer is below fair value; take it only if your view changed |
A useful test: would you place this bet now, at the current price? If yes, keep it. If no, cashing out (or partially cashing out) is reasonable.
Cash out on accumulators
Accas are where cash out is most tempting. Imagine a £10 fourfold at 1.80 per leg: three legs have won and the last match is about to start at 1.80. Your bet is now effectively £58.32 on a single at 1.80, because £10 × 1.80³ = £58.32 has "rolled on" to the last leg. Its fair value before kick-off is £58.32 × 1.80 ÷ 1.80 = £58.32, and the offer might be £54.
If you wouldn't stake £58.32 on that last selection at 1.80 as a single, a partial or full cash out is consistent. If you would, letting it run is the cheaper choice. Read more on how accas work in accumulators.
Common cash out mistakes
- Cashing out because of nerves. Fear isn't information. If the facts haven't changed, the margin is a pure cost.
- Cashing out every winning bet. Over many bets, you give up a slice of the value each time and your results suffer.
- Treating a low offer on a losing bet as "saving" money. It's just selling the bet below its value.
- Assuming cash out is always available. It can disappear when a market is suspended, and some bets aren't eligible at all.
- Forgetting the original bet's rules. Like the bet itself, the cash-out value follows the market's rules, such as 90 minutes only for 1X2.
Cash out vs hedging
An alternative to cash out is hedging: placing a new bet on the opposite outcome so that you profit whatever happens. In principle it does the same job, but you pay the margin on the new bet instead. Hedging can be cheaper if you can find better live odds, but it's more complicated and easy to get wrong in a hurry. For most beginners, a partial cash out is the simpler option.
Cash out features and terms differ between operators, so check them when you compare bookmakers. Follow the score and stats as a match unfolds on our live page, check team form on our stats pages, and read live betting for how in-play prices move.
Frequently asked questions
What does cash out mean in betting?
Cash out means settling a bet early for an amount the bookmaker offers, before the event ends. The offer reflects the bet's current chance of winning, minus a margin.
How is a cash out value calculated?
Roughly, fair value = stake × original odds ÷ current odds. A £10 bet at 3.00 that's now priced at 1.40 is worth about £21.43; the bookmaker will offer a bit less.
Is it smart to cash out?
Only sometimes. Because the offer includes a margin, cashing out costs money on average. It makes sense when your view of the bet has changed, not just to calm your nerves.
What is partial cash out?
Partial cash out lets you settle part of your bet now and keep the rest running. For example, you can take back your original stake and let the remainder ride.
Why is cash out not available on my bet?
Cash out can be suspended during key moments like goals, penalties or VAR checks, and some markets, bet types or promotions aren't eligible. It returns when the market reopens, if the bookmaker offers it on that bet.
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