Cashing out on in-play betting gives participants a chance to lock profit or reduce exposure at the touch of a button. The cash out option might be hot at a number of bookies right now, but is it here to stay?
In-play betting can make sports all the more exciting. There is nothing like a little flutter on the Grand National or backing your favorite team with a friendly bet, but now that most mobile sportsbooks include a cash-out option, players have a safety net to fall back on.
The allure of in-play betting and cash outs is clear, but is it just another gimmick or an innovative betting platform that is here for the long haul?
Controlling the Odds
The cash out tool has been introduced in a number of online sportsbooks in the UK and in Ireland, allowing customers to end the bet early if the game is not going as well as they hoped, but it still gives them the chance to make a profit.
Bookmakers like Betfair and William Hill promise their customers that the newly instated app allows them to take control of the betting in the game.
On first impressions, the “Cash out” or “Cash in my bet” features can seem too good to be true. It gives the player flexibility and the chance to get out of the game without losing their initial stake.
The process itself is simple. The player can bet GBP 20 for Manchester United to win before the game begins. Traditionally that bet would be set up for the entire match, and should the team lose, the customer loses the GBP 20.
However, cash out gives players the chance to back out if things are getting iffy and still gain a profit, since the bets are linked with the odds at the time.
If it looks like Manchester United are unlikely to win, then the bet can be locked, perhaps even at a profit if the odds are still in the team’s favor.
Cashing in on in-play betting – how does it work?
• Place a pre-match bet on a single game or multiples
• Click the cash out option once the game starts to look iffy
• If the game is going well, then leave the bet as usual to the end
Cash out has been a hugely popular revolution in the world of sports betting and online bookmakers. With some of the UK’s biggest names in the betting world offering the opportunity to cash out, the option continues to garner popularity.
Betfair has been pushing the cash out option on its sports betting applications for quite some time. Diversifying not only into the online area, but they also offer apps for mobile in-play betting with cash out for a number of sports events and even multiple bets.
Others who have joined in the cash out party include Bet365, William Hill, although they do not offer cash out in all markets, and Irish masters of mischief Paddy Power.
Ladbrokes also has its own take on the in-play betting arena with its new Ladbrokes Exchange platform, based on the Betdaq exchange, and plans to take on other sportsbooks like Betfair.
To start with, the Ladbrokes Exchange will launch in the first quarter in 2014 as a desktop-only product, although there are plans for mobile and tablet offers to follow shortly.
It will also give Ladbrokes customers the first chance to use the cash out facility. While Betfair seem to dominate the market as far as cash out is concerned, Ladbrokes could become the bookies’ most serious competitor.
Cash out certainly has been garnering attention for it’s pluses, but surely it must have its cons too.
Too Good to Be True?
While the bookies are all jumping on board the bandwagon to offer cash out gaming on in-play betting, some still wonder whether the whole thing is a gimmick with an expiry date waiting to happen.
Despite some of the more obvious points, like technical issues where the cash out option on a computer or a smart phone does not work, it’s up to the people to decide its fate.
Participating in-play betting and playing well does mean the participant needs to know their stuff if they want to succeed. Since successful betting in this area relies on a level of expert knowledge to assess the outcome of the game, which could run the risk of limiting its clientele.
Also, new ventures are affected by the cyclical nature of people combined with trial experiences delivering poor performance. It is possible for the cash out feature to go the way of the dodo if people do not show interest in it.
The target market of in-play betting caters to speculative and advantage players at present. So the secret of its success is to make it user friendly and assuring that it functions well.
The last thing bookmakers need are people struggling to withdraw their winnings or having the site crash when a bet is being cashed in.
Cashing in on the Future
At the moment, in-play betting is enjoying a lot of success. Many praise it for being innovative and the pros are obvious.
However, sports betting is banned in most countries in the world, with exception of a handful of countries, including the UK, which limits a large market for clients cashing in. The main reason for this ban is the belief that betting on sports events causes sports corruptions.
With the launch of Ladbrokes Exchange to rival Betfair, along with alternative options from other bookies does show that this new form of betting is likely to stay.
As betting moves online, with more and more partaking in in-play betting, it’s easy to see why the new feature attracts those already playing the football pools.
It is possible the cash in app will draw more into the world of sports betting, but it remains a matter of time to see if Betfair, Ladbrokes, among others, can secure the future of the cash in for in-play betting.