Thought on Cashing Out

I’m sure you’ve all seen or used the option to ”cash out” before the event you’re betting on is over. It’s a very convenient way for you to secure a profit or reduce your losses and calm your nerves at the same time. It’s all good, right?

No!

What’s happening is that the bookies are using your insecurity to increase their margins even more. It’s actually one of the smartest things the bookies have come up with in a pretty long time.

How do they do this? 

Most of the time, someone making a bet with the bookies are betting on very small margins and, as you know, most of the time the odds are in the bookies favour. Now, as they are able to offer you another bet, you can be sure that the odds they’re offering you to use for ”cash out” aren’t even close to the true odds for the market at the time, and so the potential margin you once had on the bookmaker is most definitely gone.

So what to do?

What you should do is treat the market you’re betting on the same way as you did before it went live. You wouldn’t dream of placing a bet without comparing different bookmakers odds before the game, so why would you do that during the game even if there’s a big green flashing button with definitive winning sums written all over it?

If you must bet against your initial bet (which is actually what’s happening), shop around to find the best price, or better yet, if you’re using exchanges, lay the bet at the price you think it’s worth to give yourself a fair chance and fair odds.

Don’t fall into the trap and let one bookmaker dictate the odds for you for the sake of simplicity. Make sure you get the correct value by playing them against each other, or use betting exchanges like Betfair or Smarkets to make sure you get the odds you want and deserve!

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