One of the innovators in the crypto betting scene, Cloudbet has long had a reputation for being receptive to the requests and suggestions of its customers. The site recently announced that it will begin to offer cash-out options on its sportsbook. It allows crypto bettors to secure part of their winnings on open bets.
The cash-out option is not a common permission on crypto betting sites. So it is newsworthy that Cloudbet has taken this decision. At the moment, it allows permissions on selected markets. Hints at a wider rollout should it prove to be successful
What is cashing out?
The standard way of doing things is to place a bet on an outcome and then wait for the result. If you prefer to keep an eye on your bets then you may be in a situation where your bet is on target to win. For one reason or another, however, you’re not confident to let it play out.
If you’ve backed a team in a soccer match, for example, and they go 1-0 up, your chances of winning improve. But if they then have a player sent off early in the second half, the likelihood of winning decreases. Cashing out means you can take part of the potential winnings right now. If the team holds on to win, you won’t get the full payout . Equally, however, you won’t be left empty-handed if a newly-energized opponent goes on to turn the match around.
How are your winnings calculated?
Not every bookmaker is clear about how their cash-out odds are calculated, but Cloudbet has opted for more transparency in how their sportsbook cash-out works. Cloudbet places potential winnings alongside the existing in-play odds. And calculates your cash-out winnings on that basis. The less likely that eventual outcome is, the lower your potential cash-out amount will be. If you want to make some cash-out winnings, you’ll be better off cashing the bet after one setback. You can do this rather than waiting for another. For example, an equalizing goal or an extended period of dominance from the team you bet against.
One of the real positives of the Cloudbet cash-out option is that you can choose to use a portion of your initial bet for cashing out and let the rest ride on the continuing contest. If you want to take 50% of your immediate winnings and let the remaining 50% of your stake ride continue against the original bet, you can. This way, you definitely get some return on your initial bet and are not left empty-handed, but you still have the chance to make a larger return if your chosen team or player overcomes the uncertainty and goes on to win.
Where can you use the cash-out function?
Cloudbet has announced the function as being available for their Single bets on pre-match and Live markets. It is not currently available on horse racing, or Outrights (where you bet on a team or a player to win a tournament, for example), but the bookmaker has been clear that they will continue to look into ways of making it more widely available if the initial rollout goes well.