I’ve got some exciting news for you! Bovada has announced the release of a new Cash Out feature for its sportsbook. This option has been available to players from other parts of the world for years now, but it’s the first time that US bettors will have it at their disposal.
I think that’s a good reason to take a closer look at how cash out works, including the pros and the cons of the feature. Since I regularly travel between the USA and Europe, I’ve used it in the past. For this guide, I will be speaking from personal experience.
Before I explore the best and the worst of Cash Out, let me just clarify that Bovada has released it for both pre-game and live betting for several popular sports for now. Considering the rapid rise of the innovation in Europe, I expect to see Cash Out available for most events and betting markets soon.
How Does Cash Out Work?
Let’s start with a simple explanation of the main concept behind the feature. Cash Out allows each player to close a wager before the event is finished. For example, let’s say that you back the Warriors to beat the Rockets in a game from the NBA regular season.
The encounter is close and the Warriors are slightly ahead with five minutes left, so you don’t want to risk it. Instead of waiting for the game to finish and potentially losing everything, you can now use Cash Out and settle your bet right there.
Naturally, you won’t receive the same return as you normally would if you wait for the Warriors to win the game. However, since they are ahead, you will most certainly lock a profit.
It’s possible that you could actually Cash Out at a loss, too, if the Warriors were losing the game when you used the feature.
Simply put, you can settle the bet at any given moment, and your returns depend on the way the event is unfolding.
I’m sure that some of you have been using similar tactics in the past, just not automatically. In the example above, you can achieve the same result by backing the Rockets to win the match with a second bet. However, it takes time and effort to calculate the exact stake so that you get the desired return.
Furthermore, the odds change frequently once the event is live, and there are some markets that aren’t so straightforward. The Cash Out feature solves all of these issues by giving you the opportunity to close the wager with a single click.
Such flexibility can be really useful, but it comes at a price. You are giving up on some of your potential profits and some of the value you found initially when you use the Cash Out feature. With that in mind, let’s move on to the advantages and disadvantages of Cash Out.
Advantages of the Cash Out Feature
Here are the positives of using Bovada’s new Cash Out feature.
A Tool Against Variance
Every experienced gambler knows that sports betting includes a lot of variance. Even if you are a long-term winner with a proven system, your results depend on luck in the short run. We’ve all been on the receiving end of last-minute winners for the other team or other dramatic events right at the end of various sporting events.
It’s extremely frustrating, and it could cost you a lot of money. Additionally, there are cases in which you simply have the nagging feeling that something bad is going to happen. Well, you can now do something about it with Bovada’s Cash Out option.
You can avoid the late comebacks and watch the rest of the game as a mere spectator. Simply close the bet and enjoy your profits. Of course, Cash Out can also be used in the opposite situation, when things aren’t going your way. There are some dire situations when you’ve completely written off your bet. After the release of the new feature, you can save some of your initial investment by closing the wager.
Ease of Use
What Cash Out achieves with only one click is remarkable. Most pro users have been doing all sorts of gymnastics to execute techniques like green markets, hedging, and similar for years. You can now get the same result with only a few clicks.
Simply imagine the following. You place your wager and start watching the game. You want to secure your profits, but Cash Out is not available. You need to calculate the exact stake based on your initial investments and odds, as well as the current price.
By the time you do it, the odds will probably change, and you’ll have to start all over again. It’s a risky and time-consuming endeavor. Or at least it was before Cash Out was released. The feature allows you to instantly close the bet.
Protect Big Hits
I firmly believe that one of the best uses of Cash Out is to secure big hits. There are different scenarios here, like placing a wager that’s unusually large and important for your bankroll or going after a fun bet on an insane price.
The point is, there are occasions in which there’s a lot of money on the line. When that happens, you better not leave it only to luck. If things are going your way, the wise choice would be to give up on a small portion of your winnings and collect the rest.
The Disadvantages of the Cash Out Feature
A lot of people love the Cash Out feature and use it all the time, which is a huge mistake. The reality is that the betting sites are pushing the option for a good reason. You will understand what I mean after I go through the negative sides.
You Lose Value
My single biggest issue with the Cash Out feature is that you are giving up on value. The bookmakers are not offering a fair price, because they apply a certain margin. To understand this better, let’s look at an example.
Let’s say you place $10 on a price of +100 on the Warriors to beat the Rockets. Your expected return is $20. The game starts, and everything is going according to plan. The Warriors are leading by 10 points in the middle of the fourth quarter.
They are a huge favorite to win at this point. For the sake of the example, let’s assume that they are exactly an 80% favorite to grab the victory. That means, once you’ve reached this particular point, you have an 80% chance of winning $20 and a 20% chance of losing everything.
The simple calculation shows that your initial $10 wager is currently worth $16. The problem is that the bookmaker won’t give you $16 to Cash Out. You will be offered something in the region of $15.20 to close the bet. Essentially, you will “pay” $0.80 for the service, and that’s not worth it in the long run. Using the Cash Out feature too often can have a negative impact on your long-term results.
Cashed out Bets Don’t Count for Bonuses and Promotions
I don’t think that Bovada has changed the terms and conditions of the current bonuses and promotions to include the Cash Out feature yet, but based on my experience with European bookmakers, I’m sure that’s inevitable.
Simply put, the bets that are paid out with the Cash Out feature don’t count for the wagering requirements of the special deals. If you’re clearing a bonus, using the feature will slow you down significantly. It’s not the end of the world, but it’s something you should consider.
That’s important since Bovada just changed its Bitcoin welcome bonuses, and some of you might want to take advantage of that. You now can obtain 75% of your first deposit up to $750 for sports betting and 125% up to $1,250 for casino games.
Should I Use the Cash Out Feature?
It’s time to try and answer the big question. Should you use the Cash Out feature? Well, that depends. You shouldn’t use it frequently, and you should be selective, but that doesn’t mean to ignore it altogether. There are several situations that can be considered.
The first and obvious one would be to secure significant profits. If there’s a ton of money on the line, you should certainly contemplate Cashing Out.
The other scenario would be to actually find a situation in which there’s positive value for you, similarly to the way you discover it in your standard bets. If you think that the probability of a certain outcome is higher than what the return from the Cash Out feature suggests, go for it.
Finally, sometimes you simply need a win to end a bad streak. We’ve all been there, and it’s good to make money from some of your wagers when that happens. You can restore some of your confidence, regroup, and move on.
My honest opinion is that having the Cash Out feature at your disposal is better. I expect more of the leading US betting sites to include it in the near future now that Bovada has opened the floodgates.
You can visit Bovada to check this feature out for yourself. Be sure to take advantage of it, but always be sensible with your wagers!
Jerry Summer has a wide-ranging interest in gambling and the gambling industry. He's made a living out of both playing poker and betting on sports.
The English Premier League and the NBA are among Jerry's primary areas of expertise. He's knowledgeable about many other sports, too, along with poker and several casino games.