Cash Out

Cash out is a feature offered by many sportsbooks that allows bettors to settle an open wager before the event it is tied to has concluded. When a cash-out option is available, the sportsbook presents the bettor with an offer based on the current probability of the bet winning. If the bet is in a favorable position, the cash-out value will be higher than the original stake, allowing the bettor to lock in a guaranteed profit. If the bet is in an unfavorable position, the cash-out value will be less than the original stake, but accepting it limits the total loss compared to letting the bet ride to a potentially losing conclusion.

The cash-out amount is calculated by the sportsbook using the current live odds and the remaining potential payout. It essentially represents what the sportsbook is willing to pay at that moment to close the bet. Cash-out offers fluctuate in real time as game conditions change, and they may be temporarily unavailable during key moments such as scoring plays or reviews.

Example

You place a $50 pre-game bet on the Green Bay Packers to win at +200 odds, giving you a potential total payout of $150 ($100 profit). At halftime, the Packers lead 21-10 and their live moneyline has shifted to -250. The sportsbook offers you a cash-out value of $85.

• Option 1: Cash out for $85. You accept the offer and receive $85 immediately, locking in a guaranteed $35 profit. The bet is settled and the final result of the game no longer matters.
• Option 2: Let the bet ride. You decline the cash-out and keep the bet open. If the Packers win, you collect the full $150 payout. If they collapse in the second half and lose, you lose your entire $50 stake.

Cashing out trades some of your potential upside for certainty, which can be a smart move when protecting a meaningful profit.

Key Points

• Lock in profits or reduce losses: Cash out gives bettors control over their positions. When a bet is winning, you can secure a profit without waiting for the final result. When a bet is losing, you can recover part of your stake rather than losing it all.
• The sportsbook builds in a margin: Cash-out offers include a built-in margin for the sportsbook, meaning the offered amount is typically slightly less than the mathematically fair value of the bet at that moment. This is how the sportsbook profits from providing the feature.
• Available on singles, parlays, and futures: Cash out is not limited to single bets. Many sportsbooks offer cash-out options on parlays (where some legs have already won) and futures bets (where the outlook has shifted over the course of a season).
• Partial cash out is sometimes available: Some sportsbooks offer partial cash out, allowing bettors to settle a portion of their bet while leaving the rest active. For example, you could cash out half your position to secure some profit and let the other half ride for the full potential payout.
• Offers change in real time: Cash-out values fluctuate as the event progresses. A favorable offer at halftime may decrease if momentum shifts, so timing is an important factor when deciding whether to accept a cash-out offer.