Sports betting sites around the US have developed cash-out betting features to keep up with demand from the public because of how much they love it.
A user who chooses to cash out settles their bet before the event is completed for a portion of their potential winnings.
Most online betting sites have a cash-out feature because of their mass popularity; however, they are not all the same. This guide will discuss the best cash-out betting apps on the market, how and why users should use the feature, and tips for the best cash-out betting experience.
The 5 Best Betting Apps that Offer Cash Out in the US
As I mentioned above, almost every online betting site has a cash-out feature, and it should be no surprise that the best and largest sportsbooks in the country are also the best cash-out betting sites.
- FanDuel Sportsbook app
- BetMGM Sportsbook app
- PointsBet Sportsbook app
- DraftKings Sportsbook app
- Caesars Sportsbook app
If you’re new to any or all of these online sportsbooks, use our links and promo codes to register for an account to get your maximum free bet stakes! Almost all of these free bets credited to your account after registration will have a minimum odds requirement and a time limit on how long you can wait before you lose them. So use them before your free bets expire. It’s house money!
All five sports betting platforms are 100% legal and follow all federal and state legislation regarding online betting sites. These cash-out sportsbooks comply with all local gaming commissions and other government agencies to bring safe and fair gambling practices to their sportsbooks through all aspects, including live betting features like cashing out.
Be very careful when using online betting sites because several predatory sites are not legal. You can find a list of these illegal sites here, so if any of the sites you’re thinking about gambling with are on here, don’t.
How does the Cash Out Bet Work?
Cash outs are straightforward; it’s the feature that allows users to settle their bet before the event is complete for partial cash of their original potential winnings. The cash-out amount will depend on how well your bet is currently doing based on the game’s outcome so far.
If the event favors your bet, the cash-out option will generally be more than your first cash bet amount but less than your potential winnings. This means that the amount you will get from the cash-out will depend on how many legs are in progress/completed and the odds of their potential outcomes of your bet, which is similar to live betting.
Live betting sites hedge their bets with the cash-out feature by buying back a portion of your potential winnings. If your bet is losing, you will be able to cash out for less than your initial wager, or the cash-out feature will be suspended, and you will be out your money.
The cash-out option will also be suspended for different betting markets based on how quick the event is. For example, you may have a qualifying bet settlement before a horse racing event starts for equal to your initial bet, but after the event has started, the sportsbook will suspend the cash-out option.
Bet types excluded from cash outs typically are multiple large bets or system bets such as a huge parlay bet or large round robins. These bets are excluded because there are maximum odds that can be reached where these exchange bets exclude the cash-out feature.
Guide to Using the Cash Out Feature
If you’ve been reading this article and aren’t sure how to even use the cash-out feature, don’t worry because here is my step-by-step cash out guide. No matter what betting site you decide to use, this will almost always be the way to cash out.
First, you’ll have to make a bet. Let’s say that you decided on the New York Rangers moneyline +160 and put $100 down. After you’ve placed the bet, it can be found by going to your sportsbooks bet slip tab, and clicking on your betting history (pictured below).
After you’re on your bets page you will need to find your open bets, so for this example, the Rangers moneyline bet. When you’ve found it you may need to click on the bet to expand the details, however most sports betting services will feature the cash-out feature directly below the bet, like in the picture below.
After you’ve decided on cashing out, you will need to press the cash-out button to bring up a confirmation page to complete your cash-out. Be ready to press the button twice because an event that’s in progress might cause the cash-out offer to change quickly, resulting in the possibility of losing what may have been offered.
Your job as a bettor is to weigh the option of cashing out to your potential risk and decide what you think works for you best in the given situation.
Winning and losing examples from cashing out
To continue with my Rangers moneyline bet example from above, let’s say the first two periods are finished and the Rangers are winning 2-1 and the cash-out amount is $200. Your potential winnings from the original bet is $260, but there is still a period left in the game and your bet has the potential to lose. Do you decide to take the $100 profit and finish the bet early, or let it ride for the full $160?
If you decide to take the money and run and the bet wins, then the sportsbook has won, but if your original bet loses, then you’ve won because you received money from a losing bet. Remember that if you decide to ride with your original bet for all the marbles, you’re risking it all.
To switch this around, what if the Rangers were down 1-2 in this scenario and the cash-out offer was only $60, which is a $40 loss from your original bet. Do you decide to stick with your team and risk the full $100 for the chance to get a $160 profit; or do you choose to limit your losses and take the $60, but miss out on the potential winnings from a comeback?
Just like the last scenario, if you decide to try and limit your losses but the bet comes back and wins, the sportsbook has won, but if your original bet loses, you’ve won.
Live Betting Cash Out
Cash-outs are essentially a form of live betting, which means you should treat it like one and watch the event. Keep close track of the flow of the game and the shifts in momentum while keeping an eye on the cash-out option to have in your back pocket.
Depending on the cash-out betting site, users may get the chance to cash out as late as the last five minutes of an NBA game. Sports betting platforms aim to be the best betting sites, so they are all constantly trying to outdate each other by allowing cash outs later and later in an event.
Treating your cash-out as a live bet should always be the norm. Does it benefit you enough to risk your potential payout from your first bet? If so, or if it’s just more than your first bet and you don’t want the anxiety, then cash-out and enjoy your winnings on your first qualifying bet!
Is it Worth Cashing Out with a Betting App?
The answer to this question is somewhat of a gray area and will always depend on the situation, so overall I would say that it’s worth it in the right circumstances. As I said, cash-out betting apps are looking to hedge their bets by essentially buying you out, so there’s an incentive for both sides to settle the bet.
Receiving partial cash back from cashing out is an excellent way to get some of your initial wagers back if things look bleak and you bet a significant amount. The problem with this is if you do it too soon and the team or athlete you bet on makes a comeback, and it becomes a winning bet, then the online sportsbook wins the cash-out.
For a sports bettor to win a cash-out, the bet will need to look like it will win but end up losing. For example, such a wager as a six-leg parlay with five legs that have already won could cash out for close to all of the potential winnings. If the bet loses, they’ve made a great decision, but they made a bad one if it wins.
Sports bettors who frequently use the best online betting sites will all have stories of a cash-out they regret, but that’s part of the game!
When is the Best Time to Cash Out?
The best time to cash out on betting sites is when you firmly believe your bet that’s currently winning will not win. By cashing out at this time, you will win partial cash from your potential outcome. That’s also more than the first bet.
A perfect example happened recently in the NHL for bettors who took the Edmonton Oilers to beat the Colorado Avalanche. At the beginning of the game’s final period, the Oilers were up 4-1 but lost the game in overtime to the Avalanche 5-6.
If a bettor that had the Oilers win cashed out between the second and third period, they’d be beating the cash-out betting sites at their own game. They’d be beating them because they’re winning money from a losing bet, which is one of the best feelings in sports betting, in my opinion.
This is a tough sweet spot to find, but if it’s on a huge bet with a sizable cash-out amount like the one pictured below, it may be beneficial to forgo your risks and play it safe! There is absolutely no shame in making sure you win money.
How do Betting Apps Calculate the Cash-Out?
Many people wonder how cash-out numbers are even calculated, and it’s an excellent question. They are determined by several factors similar to the factors that determine live betting odds.
First, it depends on whether or not this is an individual bet or a parlay because either single or accumulated odds will calculate it. If it’s a straight bet, it will be determined by how the event is going in favor of your bet. If it’s something like a football multiple leg parlay with four legs won and two open, it would be calculated on both current events’ outcomes.
Betting sites will then factor in their current risk and give you a chance at partial cash from your first bet. Sort of like a reverse bet that uses live odds to determine the sportsbook’s risk.
Why do Betting Apps Offer Cash Out?
Betting sites offer a cash-out option for three main reasons:
- High user demand
- Help minimize losses
- Allow users a way to cancel their bets
The first is pretty self-explanatory; people just want the option. The best betting sites are also the best cash-out betting apps because they know what the people want, and they don’t make it difficult. While most online betting sites have a cash-out option, they do not always work smoothly because of the constant recalculation of the cash-out amount.
The second is to help the sportsbook minimize their losses by buying people out of their bets for less money. The entire goal of the cash-out feature (from the sportsbooks point of view) is to limit how much money is lost by convincing you to take less money.
The third and last reason is that the feature allows users to essentially cancel a qualifying bet by committing to a bet settlement equal to their first bet. This improves user experience and cuts down traffic on the customer support team by lowering the number of people who need their assistance.
Is it Possible to Revert an Early Cash Out?
No, there are no cash-out betting sites that I’ve ever heard of that will allow a user to revert a cash-out. Cash-outs are a qualifying bet settlement which means they are 100% final after being accepted because it ultimately ends the bet.
Although unlikely, if there is an issue or glitch with your cash-out feature, you may be able to speak with a customer service representative and receive a free bet credits stake for a wager bonus. Remember, wager bonuses expire!
Tips on Cashing Out from a Betting App
My biggest tip for bettors looking to start using the cash-out option is to look for opportunities to increase bet amounts on different live lines from the money you receive from cashing out. This means watching the event and seeing how things are panning out.
To continue from the example I mentioned above, if an Oilers moneyline bettor was to have noticed the number of shots Colorado had on goal in the last four minutes of the second period, then they may think that they could make a comeback.
So potentially, that person could cash out on their qualifying bet for partial cash of their potential winnings, then live bet the Avalanche with all of the money from cashing out of the first bet. This gives you better odds than you originally had (more than likely) and more risk, which combined yields a very high return in a game like tonight.
This is very hard to pull off and should only be attempted with money you’re comfortable losing, but if you think you know what will happen, then go for it! It makes the game so much more fun to watch, win or lose.
Cash Out Betting Apps FAQs
How is cash-out betting legal?
They are legal because the cash-out function is essentially a form of live betting! Be sure to check the sportsbook for licenses from your local gaming authority to ensure you’re not using an illegal betting app.
What sports betting apps let you cash out?
The early cash out feature is available in most events features at legal US betting apps. FanDuel, DraftKings, Points, Caesars, and BetMGM are the best cash-out betting apps due to their high live odds that apply when cashing out early.
When are you able to perform a cash-out?
Users can perform this action on a cash-out betting site before the event(s) starts and up until the game’s last moments. Odds will be continuously changing like live betting and will be suspended at times to adjust, especially after big moments.
Why is cash-out suspended for my bet?
Cash outs could be suspended for several reasons, mainly because your bet isn’t worth anything. Other reasons could be because there are too many legs in play, you don’t meet the min odds for the betting app’s cash-out requirements, you are using an initial bonus like a risk-free bet, $1,000 risk-free bet or they’re adjusting.
If I place a bet in one state, can I cash that bet out from another state?
No, this would be another example of when cash-outs will be suspended. Due to local state legislation in the United States, users will always have to interact with their bets in the states in which they placed them.