The ability to “cash out” remains one of the most progressive inventions ever to come out of the online betting industry. Before cash out was an option, bettors would have to stick to their choices no matter what was happening in a match, race or other event.
Being able to cash out effectively gives you more control of your bets and the freedom to change your mind. You may, for example, opt to earn a quick profit from betting on football and end a bet early before the full time whistle blows.
Or you may choose to cut your losses on a doomed political bet before the candidate you backed withdraws from the race.
Cashing out is available to all players at Paddy Power and even for those betting in our highstreet shops.
This guide will walk you through the steps to cashing out and why it’s such a good thing to be aware of.
What does cash out mean in betting?
Cash out is a betting term that gives punters the option to end a bet early and be paid at whatever the current odds are.
For example, you bet £5 on England to beat Germany at the World Cup at odds of 3/1. You stand to win £15 profit. England go 2-0 up and so you decide to cash out on 70 minutes. You’ll earn a profit on your bet, although not quite at odds of 3/1.
Say you earned £10 profit by cashing out on 70 minutes. The closer you get to full time, the closer your cash out payment gets to your original expected profit. Were you to cash out on 88 minutes you’d perhaps earn £14.50 profit.
Paddy Power offers punters the chance to cash out on most bets
Paddy Power cash out explained
Paddy Power offers cash out for thousands of bets a day, covering many, many sports. Cash out is most commonly associated with football betting but is hugely popular in these sports too:
- Cricket – Ideal for long-form bets during test matches where the odds change continually
- Golf – Perfect for backing an underdog early on, seeing them top the leaderboard, and then cashing out before the inevitable slump on the fourth round
- Boxing – Great for live boxing betting where you can judge when a bout might be about to end
- NFL – Ideal when betting on points totals and pitch ahead to calculate how a game might end
You can cash out of your Paddy Power bet at any time, so long as there are no stipulations on the cash out option.
Cash out when betting on boxing at Paddy Power
To see the value of your bet at any time, simply click on your bet slip and open the bet. You’ll see how much you stand to win if you choose to cash out at this instance.
Remember, your cash out amount might be lower than your overall stake. Bettors can sometimes still decide to cash out here, even if they make a loss, because a small loss is better than losing your entire stake.
Paddy Power Onside Cash Out
Paddy Power also offers cash out for those who bet in highstreet shops and want to come back to their bets at a later time. You can do it via the Paddy Power Onside app, which records all your shop bets in one place.
Simply log into your app and look at the latest odds on your bet. If you feel it’s worth cashing out now then request a cash out and it will be processed instantly.
Read more about Paddy Power Onside here!
Cash out bet steps
Let’s quickly break down how the Paddy Power cash out system works.
- Step 1 – Place your bet and look for ‘cash out’
When you place your bet, make sure the cash out option is actually available. You’ll see all markets where cash out is an option clearly marked, like so:
Cashing out at Paddy Power
- Step 2 – Follow the event
Keep your eye on the event in question. This might be a boxing match or a football game; a marathon or 10,000 metre race; it might even be a political race or a TV show that unfolds over weeks and months.
No matter the event, if there’s a cash out option then the odds will be in flux. Look at how the odds move when things like goals occur.
- Step 3 – Follow your bet
You can then check your bet alongside the odds and see how much you’d earn for a cash out right now. You might earn close to what the odds will pay out, at which point you may decide to cash out. Or you might earn a loss if you cashed out now. It’s your call on what to do in this instance.
- Step 4 – Cash out
Once you decide to cash out, all you need to do is hit the button by your bet. You’ll be able to double check the amount and confirm you’re happy to accept the settlement. Click again and your account will be credited with the amount.
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