Cash out
What does "cash out" mean in sports betting?
A cash-out is a sportsbook offer to settle an open bet early for a set amount, before the game or season is over.
Books show a cash-out value on eligible open bets, and that value moves as the game or season moves. FanDuel's help page notes the option can be suspended at any time, for example during injuries or pitching changes.
The offer is the book's price for your ticket. Before you take it, compare it to what a hedge at current odds would leave you. Sometimes the two are close. Sometimes the hedge leaves you more.
Example
You hold $50 on a team at +1000 to win the title, and they reach the final at -150 vs +130. Hedging $239.13 on the opponent at +130 leaves +$260.87 either way. If the book offers $280 to cash out, that's $230 profit, so the hedge leaves $30.87 more in this case.
Related terms
Vig (juice)
The vig, also called juice or the hold, is the commission a sportsbook builds into its prices so it profits no matter which side wins.
Parlay
A parlay combines two or more bets into one ticket. Every leg has to win, and the payout is the odds of each leg multiplied together.
Expected value (EV)
Expected value (EV) is the average amount a bet would win or lose per play if you could make it many times. Positive EV (+EV) means the price is better than the true chance.
Hedge
A hedge is a bet on the other side of an earlier wager to shrink how much you can lose, at the cost of how much you can win.
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