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!

Why you should keep track of your bets

If you’re a serious tipster, I’m sure you have a thought out strategy, an idea about if your losing or winning and what your strengths and weaknesses are. You probably have an idea of how how your money is spread at different bookmakers and what bookies are giving you the most in return.

But how do you really know?

There are many ways to keep track of your bets, be it in your memory, an old notebook or a complex Excel sheet – either way, if you really want to get better at sports betting, you really should keep track of at least the following:

  • How much have I won/lost?
  • What kind of bets am I making the most money from?
  • What sports have been most successful?
  • What leagues have been most successful?
  • What tipsters should I keep backing?
  • At what time am I making the most money?

Far, far from all tipsters are making money for real (the famous 3%), so make sure you are among those who do! Keeping track of your bets helps you understand why you are winning or losing.

There is only one way to improve in sports betting, and that is to learn from your, and others, history and to learn from history, you need to know it. Bettin.gs is here to help you learn from your and other tipsters bets so that we all can win more and make more money.

If you want to read what other tipsters have to say about this topic, check out these blog posts: