How To Use The Early Cashout, Responsibly

7 min read
Author
Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief
Fact checked by:
Paruyr Shahbazyan
Founder
Last Updated: May 27, 2024, 3:20 PM

All About Early Cashout

The "Early Cashout" feature offered by many online sportsbooks is a tool that allows bettors to settle a bet before the event has concluded. This can be advantageous in various scenarios, helping to manage bets more dynamically. Below is a guide on how to use the Early Cashout option responsibly, followed by its pros and cons, and examples from North American sportsbooks.

Pros and Cons of Early Cashout

Pros

  • Risk Management: Allows you to secure profits or reduce losses in uncertain scenarios.
  • Flexibility: Provides the option to react to the live sports event's dynamics.
  • Emotional Relief: Offers peace of mind by allowing an exit from a bet that might not go your way.

Cons

  • Reduced Profits: Cashing out early typically means accepting less profit than if you waited for the event to conclude.
  • Availability: Not all bets or sportsbooks offer the Early Cashout feature.
  • Emotional Impulse: Might tempt bettors to make hasty decisions based on the emotion of the moment rather than rational judgment.l benefit for some bettors.

Understanding Early Cashout

  • Protecting Profits: If your bet is winning but you're concerned about a late game turnaround, cashing out early can secure part of the profit.
  • Minimizing Losses: If it looks like you're going to lose your bet, you might be able to recover some of your stake before the event finishes.
  • Reacting to Unforeseen Circumstances: Injuries to key players or changes in game conditions (like weather) that could impact the final outcome.

How to Use Early Cashout Responsibly

  • Strategic Use: Only use Early Cashout as part of a broader betting strategy. Don't rely on it to bail you out of poorly considered bets.
  • Stay Informed: Keep up with the events you've bet on. The more informed you are, the better decisions you'll make about when to cash out.
  • Avoid Impulse Decisions: Don't use Early Cashout impulsively. Consider how the cashout offer fits into your overall betting plan.

Examples in North America

Several North American sportsbooks offer the Early Cashout feature, with some variations in terms and conditions. For example:

  • DraftKings: Offers a cashout feature that allows users to settle bets before the conclusion of a game or event. This can be particularly useful in multi-leg parlays if most legs have won but the final outcome is uncertain.
  • FanDuel: Another major sportsbook with an Early Cashout option, giving bettors the chance to end their bet early on both pre-game and live bets across various sports.
  • BetMGM: Provides bettors with an Early Cashout option for select events, allowing users to take control of their bets before the event settles.

Using the Early Cashout option requires a balance of strategic foresight and discipline. By understanding when and how to use it effectively, bettors can enhance their overall betting strategy and manage their bankroll more efficiently.

Final Thoughts

The Early Cashout option is a valuable feature for bettors looking for more control over their wagers. It offers a strategic avenue to manage bets actively, providing opportunities to lock in profits or minimize losses based on the unfolding dynamics of an event. However, like any tool, its effectiveness is contingent upon responsible use. The key to leveraging Early Cashout effectively lies in a bettor’s ability to make informed, strategic decisions rather than reactive or emotional ones.

While the allure of immediate gains or losses mitigation can be compelling, responsible gambling principles should always guide the use of the Early Cashout feature. By adhering to these principles, bettors can enjoy the dynamic aspects of sports betting, maximize their enjoyment of the game, and maintain a healthy relationship with gambling activities.

Meet Our Authors

Paruyr Shahbazyan began his business career in 2000 as a private entrepreneur. Over thirteen years, he developed a deep understanding for business and leadership, laying a solid foundation for his professional journey.

In 2013, Paruyr stepped into the sports and betting industry as the founder and president of Bookmaker Rating. This online mass media platform, which he led until 2020, focused on providing in-depth analysis and insights in sports betting, earning a reputation for its quality content. 

Continuing his innovative approach in 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This venture showcases his dedication to integrating advanced technology in the evolving landscape of sports betting. Through these diverse experiences, Paruyr has continuously influenced and shaped the betting industry, driving new trends and setting high standards.

 ExperienceYear
Engaged in private entrepreneurship2000-2013
Founder and President at Bookmaker Rating, an online platform focused on sports and betting2013-2020
Co-founder at Azuro, a decentralized betting protocol2022

"Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports." 

- Paruyr Shahbazyan, Founder, RG

 

Principles and Ethics

Paruyr Shahbazyan's core beliefs lie in the power of informed decision-making and integrity in the betting industry. He understands that the foundation of successful betting is not just about odds and predictions, but also about the trust and reliability of the information provided. Paruyr advocates for a betting environment where transparency and knowledge are paramount, ensuring that bettors are well-equipped with accurate data and insights.

Strategic Vision

Paruyr's vision is to revolutionize the sports betting industry through the integration of technology. He sees the future of betting as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. His aim is to create platforms that are not only user-friendly but also uphold the highest standards of ethical betting, contributing to a more responsible and enjoyable betting culture.

Future Perspectives

Looking towards the future, Paruyr envisions a betting landscape that is more inclusive, technologically advanced, and globally connected. He anticipates a significant shift towards more decentralized and transparent betting systems, driven by blockchain technology. Paruyr is committed to being at the forefront of this change, continuously exploring new possibilities and innovations that can redefine what it means to engage in sports betting in a digital world. His focus is on building systems that prioritize user empowerment, fairness, and the global growth of the sports betting community.

 

Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief

Sol's interest in sports was sparked at a young age, inspired by athletes such as Barry Sanders, Michael Jordan, and Wayne Gretzky. This early fascination evolved into a deep-seated passion, guiding him toward a career in sports journalism in 2007. Over the years, Sol has contributed thousands of articles and reviews to dozens of online platforms, sharing his research, knowledge, and perspectives.

“In the world of sports betting, truth is more valuable than any bonus offer.”

ExperienceYear
Content Manager, OnlineCasinoReports2012-2021
Sports Journalist, Dottraffic2009-2011
Content Writer, HouseTech2007-2009
Cristina Varela Galan
Cristina Varela Galan
Problem Gambling Expert

Cristina used to work as a Psychology Assistant in the Bizkaia Pathological and Risky Gamblers Association. She was also part of a research team in Deusto University, specializing in pathological gambling area. While working there, she managed to develop her own project 

 “Exploring the association between emotional regulation, alexithymia, stressful life events and gambling in adolescent and young adult women”.

Nick Ashbourne
Nick Ashbourne
Senior Writer

Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.

Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022. 

Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the Responsible Gambling team.

Anna Kravtcova
Anna Kravtcova
Problem Gambling Expert

Ph.D. in organizational psychology, an internationally certified psychologist (EuroPsy 2022, Cognitive behavioural therapy of mindfulness 2020, International Society for Emotional Intelligence 2017, Russian Psychological society 2014, American Psychological Association(Society for Industrial and Organizational Psychologist) 2011), speaker of many international conferences (USA, Brazil, Portugal, Czech Republic, Russia, etc.). TEDx speaker.

Mike made the decision to dive headfirst into the booming world of sports betting fresh out of college. Back in the day, when 1-800 pick lines and sports pagers were all the rage, he couldn't resist the allure, having grown up idolizing sports legends like Sweetness, MJ, and Slammin Sammy. Mike dedicated his early years to the industry, tirelessly analyzing games, writing articles with free picks, and selling his expertise on reputable handicapping sites. Unlike many others, Mike was known for his integrity and only released one Game of the Year per sport, per season. His hard work and unwavering commitment paid off, earning him a devoted following and propelling his career to new heights. Then came the explosion of Daily Fantasy Sports. Believe it or not, companies like DraftKings and FanDuel used to pay Mike's company to increase their brand exposure. Now, those same industry giants don't even bother responding to his emails. While Mike appreciates the convenience of being able to place legal bets in his own backyard, he can't help but feel disheartened by what has become of the industry. People are being led astray, falsely believing that a mere $5 wager on a 20-team same-game-parlay will be their ticket to financial security. If there’s one thing Mike learned from making book back in the day, it’s that parlays are a bookie’s best friend. A bankroll is the only leg you have to stand on in the battle with the books, and Mike’s here to offer up advice on how to protect it.

Mark Medina
Mark Medina
NBA Reporter

Mark Medina is a longtime NBA reporter that includes stints as a Lakers blogger with The Los Angeles Times (2010-12), Lakers beat writer with the Los Angeles Daily News (2012-17), Warriors beat writer with Bay Area News Group (2017-19) as well as an NBA reporter/columnist for USA Today (2019-21) and NBA.com (2021-23). Medina is also an NBA insider with Fox Sports Radio and frequent contributor to CBSLA's SportsCentralLA with Jim Hill and with Spectrum Sportsnet.

Daria Tuboltseva
Daria Tuboltseva
Hockey Journalist

Daria went to St. Petersburg State University and earned a bachelor of international journalism. Working as a sports journalist from 2014, from 2016 as a hockey journalist. Covered 5 World Championships, 2022 Winter Olympics, 2020 World Juniors, 6 Gagarin Cup Finals. 

Owner of a telegram channel Coolest Game on Earth.

Integrative nutritionist specializing on sports nutritionology.