What Is Early Cashout in Sports Betting?
The origins of early cashout date back to 2011 and the industry’s first successful betting exchange. Inextricably linked with live betting, cashing out early is very popular with a section of the sports betting community.
But what exactly does it involve? And should you take advantage and incorporate it into your own strategy? We’ll answer these questions, plus a whole lot more, in this guide to early cashout.
Best Early Cashout Betting Sites in the USA
Before we drill down into the nitty gritty, we’d like to share with you our favorite betting sites that offer early cashout. Each of these has been scrutinized by our expert team, to ensure that it has a proper license and offers a safe and secure wagering experience.
What’s more, in addition to the early cashout facility, you’ll find rewarding bonuses, generous odds and thousands of betting lines to choose from.
Contents
Perhaps there’s a specific aspect of early cashout betting that you’d like to learn about? If so, you can jump right to it using the links below!
- Best Early Cashout Betting Sites in the USA
- How Does Early Cashout Work in Sports Betting?
- How is an Early Cashout Calculated?
- Advantages of Cashing Out Early
- Partial Cashout
- History of Early Cash Out
- Successful Cashouts
- Sportsbooks that support Early Cashout
- Promos
- How To Bet at Early Cashout Sportsbooks
- Conclusion
- FAQs
How Does Early Cashout Work in Sports Betting?
When you place a sports bet, you normally have to wait for the game to end in order to collect your returns. And naturally, if the bet is a loser, you won’t be picking up anything at all. But with early cashout, the bookmaker offers to buy out your bet before the wager is actually settled.
For example, let’s say you placed a bet on the Chicago Bulls -3.5 to win before the game started. The first three quarters go well for the Bulls and they take a 9 point lead into the final quarter. Your bet is looking pretty good, but there’s always a chance that something could go wrong. Wouldn’t it be nice if the game could just end at this point?
We’ve all felt that emotion as bettors and it’s what led to sportsbooks introducing the early cashout feature. The bookie is essentially offering to end the bet now, allowing you to lock up a guaranteed win. But it will come at a cost, in the form of a reduced payout.
Early cashout isn’t just about winners though. Imagine the Bulls had got off to a disastrous start and now your bet looks doomed. With early cashout, you might be able to salvage a small portion of your original stake, rather than lose every last cent.
Markets
The exact mechanics of an early cash out differ between sportsbooks. Some will make you an offer on a wider variety of sports and lines than others. So in order to know exactly when you can cash out early, it’s important to read the rules at your chosen betting site.
However, all of the top sportsbooks in the US offer early cashout on the most common markets as standard. Whether it’s the NFL, NBA or MLB, you will be able to cash out early on moneyline, spread and total bets. You may even receive offers on your futures bets.
Parlays
Cashing out early isn’t strictly for single bets, either. If you have an eligible parlay which is spread over multiple days, you’ll receive cashout offers on this too.
Imagine you played a six leg parlay and the first five came in. It’s always a real sweat waiting on that final leg. And won’t it be a huge punch in the gut if they let you down after coming this close? Perhaps it’s time to think about an early cashout and banking a certain profit.
How is an Early Cashout Calculated?
The mathematics behind early cashout are complicated and vary between betting sites, but the short version is this. A cash out value is based on the current odds at the time of the offer, as well as the pre-game odds. If you are not familiar with betting odds then you should read our guide explaining how betting odds work.
Lots of factors go into determining the live betting odds, as well as the pre-match odds. But the important thing to note here is that two sets of odds are used in the calculations. That means you’re paying the bookmaker’s juice twice if you accept the buy out. This is one of the main arguments against using the cashout feature.
Should You Cash Out Early?
Whether or not you should accept a buy out depends entirely on the individual. Looking strictly at the mathematics behind the offer, you could argue that the answer should always be no. After all, paying the vigorish twice seems like a terrible idea.
But by that logic, nobody would ever place a bet, as the odds are never a fair representation of the true probability. The bookies need to make money, after all.
If large sums of money are at stake, the likelihood that you should accept the cash out offer increases. Let’s say that you’re a regular Joe earning an average salary and you placed a 12-leg parlay that could potentially pay a million dollars. 11 of them are up and you’re waiting on the result of the 12th game.
If the bookmaker offers you half a million bucks, what are you doing in that situation? That amount of money is guaranteed and it could greatly impact your life. Are you really going to gamble it all because you don’t want to pay the juice twice? Theory is one thing, real life is something entirely different!
Advantages of Cashing Out Early
As we have already mentioned, whether or not you should cash out is a very personal decision. Let’s run through the pros and cons to help you decide whether or not it’s for you.
Pros
- Guaranteed payouts can help reduce betting volatility.
- Allows you to cut your losses on bets that are going badly.
- Buy outs provide access to betting funds quickly, if you need to place a new bet.
- Gives you better control over your bankroll in general.
Cons
- Poor value, given that you’re paying the vigorish twice.
- Less exciting, as you’re removing the element of risk early.
- Pressure to make the right call. How badly are you going to regret it if the original bet goes on to win?
- Encourages you to second guess your betting strategies, sowing seeds of uncertainty.
Partial Cashout
Some betting sites in the US go a step further than the basic early cashout option. By offering a partial buyout of your bet, you may bank some profit while letting the rest of the bet ride. This is a very valuable tool for bettors, as it gives you more control than ever over your betting strategy.
Where a site offers partial cashout, there is usually some kind of slider which you can adjust to set your desired percentage. Let’s say for example, that you had a $20 bet with an early cashout offer of $40. Of course, you could accept that deal entirely and just bank the 40 bucks if you really wanted. But a different option would be to take 50% of the deal.
In this case, a 50% partial cashout would earn you $20, covering your initial stake. But since the sportsbook has only bought out half of the bet, you still have $10 running at the original odds. So there’s a chance for you to win a total in excess of the original $40 offer. Naturally, you could also lose if you let the other 50% ride. But that’s the risk you take when gambling!
Of course, the 50% example above is purely for illustration. Betting sites with partial cashout usually offer a degree of flexibility. You could take any percentage of the offer you wish. That’s the beauty of partial cashout – it gives you much more control.
History of Early Cash Out
The origins of early cashout date back to the introduction of betting exchanges. When the likes of Betfair gave us the ability to lay bets, effectively acting as the bookmaker, trading became possible. You could back a horse before the race, then lay it in-running to guarantee a profit or hedge a bad bet. This was revolutionary at the time.
Live betting, as well as lay bets, were also rolled out across other sports. Trading tools were developed to assist regular bettors with their strategies. So it was only a matter of time before the decision was taken to make the process of hedging easier and more accessible.
The result is the early cashout feature, which was soon adopted by regular online betting sites that realized its potential.
Auto cashout
Something to look out for in future is the auto cashout feature. Some offshore betting sites have already introduced this, so it’s inevitable that the best US sportsbooks will soon catch on.
Bet365, for instance, now gives you the option of pre-configuring a value at which to automatically accept a cashout offer. This is extremely convenient, since you no longer need to keep logging into your account to check a bet’s progress. You can simply let it ride up to your preset value, at which point you’ll bank the profits without even lifting a finger.
Successful Cashouts
When cashing out early goes right, there can be few better feelings. Take the story of English punter Paul Dean, who placed a five leg horse racing parlay in June 2020. The futures bet involved high profile races at Royal Ascot and the Cheltenham Festival.
The first four legs all delivered at generous odds. Paul’s £5 bet, which was worth a possible £511,255, now stood a great chance of winning. Everything rested on Envoi Allen, a 9/2 shot (+450 in US odds) to win in the final leg. Betfair offered Paul a £250,000 buy out, which he accepted.
Envoi Allen fell early on in the race, so had he not taken the early cashout, he’d be left with nothing.
On the Other Hand
However, taking an early cash out doesn’t always work out. In the 2016/17 Premier League season, Leicester City shocked the world by winning the EPL title against all odds. Quite literally, given that UK bookmakers Ladbrokes had priced them at 5,000/1 (+500,000) against winning the competition.
One unidentified punter placed a speculative ÂŁ0.50 bet on the Foxes at the beginning of the season. After just one game, in which Leicester beat Sunderland 4-2, the bettor accepted a cashout offer. The buy was for ÂŁ0.95, for a profit of just 45 pence. Come the end of the season, that bet proved to be worth ÂŁ2,500.50!
Could that be the worst ever decision in the history of cashouts?
Sportsbooks that support Early Cashout
No modern day sportsbook would be complete without some kind of early cashout facility. Bettors around the world have now come to expect such a feature and the USA is no different.
However, this product goes by different names at each bookmaker. Here’s what you need to keep an eye out for at the country’s top betting sites.
Promos
Alongside the early cashout feature, the top-rated sportsbooks named in this guide have plenty of other selling points. Among them is a fantastic range of bonuses, for both new and existing bettors alike. Here are some of the best examples to take advantage of.
Deposit Match Bonuses
When joining a betting site for the first time, you’re more than likely to find a welcome bonus waiting for you. And the most common promotion involves a deposit match bonus. This requires you to make a real money deposit, which the sportsbook matches in freeplay credits or bonus cash.
At DraftKings, for instance, new accounts can earn up to $1,000 in bonuses courtesy of a 20% match offer. So a $500 first time deposit would make for a bonus of $100. While loading $5,000 to your wallet would see you pocket the full $1,000 bonus.
Free Bets
A lot of online bookmakers in Europe favor a free bet as the signup incentive, as opposed to a deposit match. But all around the world, free bets are given to loyal customers as part of a rewards program. However you acquire one, it’s a way to place a wager without your real money balance being touched.
Although you won’t be able to keep the value of the free bet if it wins, you will receive all of the profits. Be careful when trying to use early cashout on a free bet, as not all sportsbooks allow it. And when they do, your offer will be based on the profits, not the free bet stake.
Risk-Free Bets
Not to be confused with a standard free bet, the risk-free bet involves a real money wager. However, if your bet loses, you’ll get a refund as compensation, giving you a second try. Hence the “risk-free” part of the name.
For example, BetMGM Sportsbook offers all new players a risk-free bet worth up to $1,000. If your first bet doesn’t win, you’ll get the stake amount refunded as a free bet token.
Bet and Get
A popular promotion with top sportsbooks in America is the Bet and Get deal. You’re required to place a certain number of bets of a certain stake in order to receive a bonus. For instance, three $25 wagers might earn you a free $25 bet.
When you eventually use your free bet, you might find that you can still cash out early on that wager. Just remember that any buy out offer will not include the value of the free bet token.
How To Bet at Early Cashout Sportsbooks
In this next section, we’ll walk you through the process of joining a sportsbook and trying your first early cashout. It’s pretty simple, but it’s always good to have a reference when you’re trying something for the first time!
1: Pick your betting site
There is an abundance of early cashout sites in the USA today and it can be tough to know where to begin. Happily though, our expert panel regularly sifts the wheat from the chaff, doing the hard work so you don’t have to. If you’re not sure where to bet, simply choose our favorite sportsbook from the list of sites on this page.
2: Register an account
You won’t be able to place any bets at all, let alone use the early cash out facility, if you aren’t registered. Supply your personal details on the signup form, including address, telephone number and date of birth, before going any further.
3: Be aware of bonuses
Almost every betting site in the US offers a welcome bonus, but they all approach it in different ways. You might need to enter a promo code on the registration form, for example. So make sure you’ve understood the terms of the signup bonus, or you could miss out on a great deal.
4: Make your first deposit
To place real money wagers, you’ll need cash in your online wallet. So visit the bookmaker’s cashier section, choose your ideal deposit method and load your account. After the transaction is complete, you’ll be ready to hit the sportsbook and make your first bets.
5: Strike a bet
The type of bet you place is entirely up to you. While early cashout is most commonly seen with live betting markets, it often applies to parlays too. Make sure you read the house rules at your chosen sportsbook to avoid possible frustration in future. Many sites, such as FanDuel, display a special icon next to any lines which are eligible for easy cash out.
6: Assess the cashout offer
As your active bets unfold, you can monitor any cash out offers. Depending on the bookmaker, this is either visible on your betslip or in your betting history. Remember that an offer can be withdrawn at any time, so think quickly about whether or not to accept! To take the offer, just click the button and the money is automatically credited to your account.
Conclusion
Since its introduction over a decade ago, early cashout has changed the way we approach sports betting. It has its obvious advantages and disadvantages. So whether or not you should incorporate it into your strategy is a very personal decision.
Whether you’re a fan of early cashout or not, a top-class modern sportsbook simply has to offer such a feature. You can find a list of the best online betting sites which offer this facility right here on this page.
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