The last couple of years has seen many changes when it comes to bookies in the UK. There’s all of a sudden the notion that the bookmakers have become more responsible and have your interests at heart. I’m not going to get into that, it’s a story for another day, but cashout has been one of the additions to make the punters experience a better one (according to the firms).
So. Cashout is basically a way of selling your bet after it’s been initially struck. You can sell it back at a profit if it’s looking a likely winner, or you can sell it at a loss if things are going the wrong way. Nothing wrong with that you might think?
What if I said that, as the seller, you have no power over how much you sell the bet for? The bookmaker make an offer that you either have to accept or refuse. There’s no flexibility here at all. So if the bookmakers are more than happy to buy your bet from you at your chosen moment, surely the deal is in their favour? Of course it is. It’s the reason cashout was invented.
Putting doubt into your mind
You’ve placed an acca and all 6 selections are winning with 20 minutes to go. Your £5 stake will return a massive £459.26 if it stays as it is. You knew how much it would pay though when you initially placed the bet.
“Bookies know that the pull of a bit of cash money will have you out the door quicker than a toupee in a hurricane”
.But you’re watching one of the games and they’re 1-0 up and the opponents are looking the better team and creating more chances. “Time to cashout” you think. You have a look at the offer. The bookies are offering you £210.55 right now for your bet. No more risk for you, no more raised heartbeat for a gut wrenching last 20 minutes. You did it! You’ve cashed out and collected the £210.55. Great!
That match you were watching finished 1-0. The rest of your games won. The bet you sold for £210.55 is worth £459.26.
Regardless of what you are thinking right now, the bookies have had a right result. They bought the bet from you at a cut price (which was always in their favour as they decide the offer).
The cashout offer is managed by an algorithm. A pre- programmed equation that always leaves value on the bookies side. Surely you don’t actually think this great cashout feature was made purely for the benefit of the punter?
Yes but I’ve been paid for losing bets!
Yes of course you have. You collected a cashout offer of £50 when your team was winning but they ended up drawing 1-1. You beat the bookies! Of course you fucking didn’t!
All you’ve done is confirm in your head that cashout is a great idea and that you are going to do it more often.
The psychology behind cashout
Bookmakers are moulding punters into feeble beings. If they weren’t raking it in enough already, they are now making you question yourself. They know (in general) how a punter feels about a potential profit, and they know that the pull of a bit of cash money will have you out the door quicker than a toupee in a hurricane.
Now, people are actually placing bets with a view to cashing out at some stage. They’ll place £10 on a 10/1 accumulator and think to themselves that if the cashout reaches £50 they will take it! Bookies absolutely love you.
So I’ve shared my views on cashout. I know there are hundreds of different situations, and I’m sure some people reading this will want to tell me how much money they’ve saved from losses with the cashout feature.
If you’re happy doing this then fine. Who am I to tell you?
Just be aware that this feature was invented for a reason. The firms spent fortunes designing the algorithms to process the cashout feature. Do you really think they had you in mind when doing this? Yes they did… So that they become more profitable.
Cashout is there for a reason. Remember that.