Although we predominantly know Bodog and Bovada for their online casinos and exclusive games that they create for these sites, both sites also have their own expansive sports betting service for customers.
It is very easy to use the sports betting service alongside your casino account on these sites and many people do, enjoying both forms of wagering alongside each other. Indeed, it is not just at these two casinos that many people enjoy this. If you visit some of the top online casinos available today, they will also have their own sports book and many customers will use both casino and sports betting services extensively.
With their being such a high number of customers that engage in sports betting as well as casino gaming, we thought it may be of interest to customers that Bodog and Bovada have developed a brand-new feature that can be used on some sports bets that you make.
This new service is called a Cash Out and it offers customers even more flexibility when they place their bets with either of the companies. In this article, we are going to find out a little more about the cash out option, how it works and what the benefits are for punters that decide to use the feature when engaging in sports bets on either site.
What is Cash Out and How Does it Work?
For those of you who may not be too familiar with sports betting, typically you used to be able to bet in just one way. You'd look through the available markets for the fixture you were betting on, pick a bet you thought had a chance of success, place your stake on it and then wait until the result of the game to see if your bet was a winner or not.
The key thing to note here is that once you had placed your bet, you had no other options available to you to change your mind on the bet. You were completely at the mercy of the result of the fixture to decide whether your bet is a winner or not and whether you would get any money back from your wager.
Cash Out is a way for a punter to end a specific bet early and take the money on offer from the sports betting site for their bet as the return from that bet. The amount offered depends on a huge number of factors and is worked out automatically by a special logarithm which comes up with a specified amount to offer as the cash out, depending on where the bet stands.
What do we mean by that? Well, essentially it means that the algorithm will look at your bet, the current state of play in the fixture or fixtures you have bet on, then from that will work out the likelihood of your bet being a winner. The more chance you have of your bet winning, the greater the value of the Cash Out option will likely be. The less chance you have of your bet winning, the lesser the value of the Cash Out will be.
As a quick example, if you have placed a five-fold accumulator bet and four of your selections have come in on correct and you have just one more fixture to play to win your bet, you will find your Cash Out amount offered will be higher than if none, one, two or three of the fixtures you selected for your accumulator had come in.
Cash Out is a way for punters to retain a degree of control over their bet once they have placed the bet with the bookmaker. However, it is not a guarantee of profit. Sometimes the cash out amount offered by the bookmakers may well be less than your original bet (indeed, this is the most likely scenario). However, it does mean that if players fear their bet is going to go down the pan, and cash out is available even if it is less than your original stake, at least it will mean you get something back.
Is Cash Out available on all bets?
Cash Out may not be available on some of the bets that you can make at Bodog and Bovada sports betting sites. However, when it is available, it will automatically be displayed in the section on the site that shows you your active bets.
It is from here that you can decide whether or not to use the cash out feature on your bet, or whether to let your bet continue to its conclusion to see if you can win the full amount.
Should I use the Cash Out option?
Like with most things regarding sports betting, the Cash Out option can be a blessing for punters, but it can also be a curse if it is not used wisely and it can be difficult to predict when you should cash out a bet, and when you should let it run naturally.
There are many experienced punters who will not use a cash out option through principle, feeling that it doesn't offer a punter any real long-term benefits. They claim it is a way for bookmakers to wriggle out of paying players who could be on to a winner, but who will settle for a much smaller amount of money on their original bet, rather than risk losing what they have already amassed. Indeed, it is easy for punters to see the amount offered by the Cash Out service and think they'd be better off taking it, rather than risk losing it, especially if the amount offered guarantees them a profit on the bet.
I don't necessarily subscribe to this view as there are times when Cash Out is the best option. For example, if you have landed six parts of a seven-fold accumulator bet, but this last part of the bet is the one that is the highest risk to your bet failing, it may be prudent to take the Cash Out option if it is available than say, expect Crystal Palace to beat Manchester City in a football game, or the Miami Dolphins to defeat the New England Patriots in American Football.
The key to using cash out successfully is being able to judge what bets you should consider cashing out and when you should cash them out. Cash them out at the wrong point, and you will receive much less than you would if you cash out at the optimal point in your bet.
For example, say you decide to let your bet roll for the final leg in a seven-fold accumulator bet and in that bet you have the away team to win. The game kicks off and despite being under pressure against the favorite home team, the away team score a goal. In this instance, the Cash Out option on your bet would likely increase in value.
If you are watching this game and it looks likely that the home team will at least equalize, if not win the game, then you may want to cash out then as you could lose all your bet if the home team wins. This is an example of when you may wish to use the Cash Out option to your benefit.
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