With Betfair you have the opportunity not only to place a bet but also to lay a bet. On any particular event, you can use their Exchange to secure a profit or to limit your losses. This is subject to you finding a matching bet.
Sounds easy right? Well, in reality, is not too easy as there is a level of unpredictability to take into account and you will need to make some experience before being able to master it.
In the past, if you were looking to trade a sporting event and wanted to Cash Out, you would have to do the calculations yourself and figure out how much you need to back or lay in an event. In recent times Betfair has evolved and have made this whole process a lot simpler by introducing their Cash Out tool.
How does Cash Out work?
With Betfair Cash Out punters can lock a profit or loss well before an event has ended. You don’t even need your calculator as Betfair will do the maths and provide you with a real-time value of your bet in a live market environment. All you need to do if you want to proceed is simply to click on the ‘Cash Out’ button.
At that point, you will be allowed to confirm. By clicking the button, you will complete the process. Even though some punters find the confirmation button irritating, it is not a waste of time as it is there to prevent users from cashing out by mistake.
The best betting sites all have the cash out functionality but the great thing about Betfair is that it is available on a huge range of markets spanning from football to horse racing and lots more. Finding what is the market eligible for Cash Out is very simple as you will see a recognisable orange icon next to it.
Auto and Partial Cash Out
If you want to take your betting management to the next level you can use Betfair’s Auto and Partial Cash Out features. Auto Cash Out is very straightforward. Once you have set it up, just click on the dropdown arrow situated next to the Cash Out button on your bet slip.
Here you will have the option to set a special profit level that you would like the cash out to automatically kick in. Once you are happy, just click on save and move on. If your profit hits the amount you have set in the Auto Cash Out, Betfair will do all the rest.
Betfair’s Partial Cash Out feature allows you only to cash out a proportion of your bet. There is a very handy slider which will make things easier for you.
What else do I need to know?
It is important to understand that Cash Out amounts are not guaranteed. Sport can be unpredictable at times, and there is always the possibility that latency in the system or a sudden large change in the market prevents the Cash Out functionality to work properly. If this happens, your Cash Out will fail, but if that happens, you will get a message from Betfair informing you of the issue and also provide you with a new Cash Out amount to consider.
When should I cash out?
As you might know, there are no fixed rules of when you should use the Cash Out functionality with Betfair. It is up to you, and you should make the decision based on what you believe will happen. Some punters are providing specific Cash Out strategies like setting up a win/loss limit and always cash out when one of the two is reached. Even though you might want to consider this from time to time, it is worth highlighting that there isn’t a ‘one size fits all’ approach when using the Cash Out functionality. What is important to realise is that the Cash Out tool does provide you with an extra layer of control to your betting management, and it makes sense to learn how to use it.