Betway have stepped up to the plate to become only the third bookmaker in South Africa to offer cash out to their customers, the other two being Sportingbet and Sunbet. The announcement is fantastic news for punters and we’re going to briefly explain how Betway Cash Out works and how to use it. If you don’t have already have a Betway account click here to register one or check out our review of Betway if you’d like to know more about their site.
Betway Cash Out – What is Cash Out?
Cash Out is a feature that some online betting companies offer their customers. This feature allows players to settle bets before the end of the game. Customers could do this ‘hedging’ themselves but it is more convenient to do it at the push of a button, and have the software do it for you.
Cash out in used two scenarios. One when your bet is close to being a winning one and you’d like to have the money early. The other when the bet is close to being a losing one and you’d like to recover back some of your potential loses.
If your bet is close to winning and you select the Betway cash out option, the Betway software will offer you an amount to cash out. Usually this smaller than the original profit from the bet but it can be more depending on the odds and how long the match has remaining. Once you’ve cashed out the money will be paid into your betting account regardless of the outcome of the rest of the match,
If your bet is close to losing and you want to protect some of your money then the Cash Out amount offer is always smaller than your original stake. As we mentioned earlier this option gives you the chance not to lose all your money if your team is behind. However if your bet goes from a losing position to a winning one and you’ve cashed out then you are out of luck!
How to tell if Betway Cash Out is available on a match
With the implementation of cash out there have been some slight changes to Betway’s market display so that punters can identify which matches offer cash out. You’ll need to find the green “CO” button next to the match to see if it has cash out available. See an example below.
What markets are available on Betway Cash Out?
We’ve had an indepth look at the markets with cash out and surprisingly we found that most major events had cash out available on the Win Draw Win market.You can also currently use cash out on single and multiple bets which is fantastic. We’re sure that Betway will be expanding this offering in the future but it’s already off to a good start.
How to cash out a bet
Once you’ve deposited and placed a qualifying bet at Betway all you need to do is head over to My Bets and look for the bet you placed. You’ll see a cash out button with a amount that you can currently cash your pending bet out at. Remember this amount will change during the course of the match and can also change before a match. See our example of how to cash out below.
How does Betway cash out work?
Let’s look at our above example on cash out.
In the game Southampton vs Arsenal, we bet R100 for an Arsenal win at odds of 19/20. Which would give us a profit of R95 should Arsenal win.
At halftime the score is 0:1 for Arsenal. At this point Betway cash out offers you the option to ‘Cash Out’ R160 and to settle your bet as won. You can either accept the cash out amount and make a profit of R60 no matter what happens or let your bet ride to win the full amount.
On the other hand if Southampton is winning 1:0 at halftime, your bet will be unlikely to win. The software may offer you R25 to cash out your bet. This gives you the option to not lose all your money and come out with R25 out of your R100 stake.
Cash Out Terms and Conditions
The terms and conditions surrounding Betway Cash Out are fairly straight forward and simple, however we’ve posted the below terms from the Betway site for those punters who are interested in more details :
We may offer the option ‘Cash Out’ for placed bets: You will have the option to accept settlement of bets You have placed before the result of the bet is determined. The ‘Cash Out’ amount is calculated based on the current odds and is subject to change depending on when you chose to accept a ‘Cash Out’. If ‘Cash Out’ is available for a placed bet, the corresponding symbol will be displayed in the ‘My bets’ section of My Account or through the Betslip “My Bets’ Widget.
- The ‘Cash Out’ functionality is available for single and multi bets only.
- Where any bet is frozen or closed immediately after the customer’s request before the conclusion of the ‘Cash Out’, the ‘Cash Out’ will be blocked.
- If the ‘Cash Out’ value has changed immediately after the customer’s request before the conclusion of the ‘Cash Out’, the ‘Cash Out’ a message confirming this change will be displayed to the player, the player must then confirm if they are happy to accept the change.
- We reserve the right to withdraw or suspend ‘Cash Out’ offers without further notice.
- We do not guarantee the availability of ‘Cash Out’ offers for any event or betting type at any time, even if it has been offered for the same event or betting type before.
- We cannot be made liable in case ‘Cash Out’ is not available for technical or any other reasons. We recommend explicitly not to place bets based on the assumption that ‘Cash Out’ will be available at a later point in time for the respective bet.
- If any technical issue causes an error in the calculation of pay out of a ‘Cash Out’ offer. We reserve the right to cancel the offer, or in the event that the ‘Cash Out’ has already been paid, confiscate the payment.
- If a ‘Cash Out’ is accepted by us when the result of the respective bet has already been determined, we reserve the right to void the ‘Cash Out’. We also reserve the right to void and reclaim any ‘Cash Out’ where there is indication for abuse of the ‘Cash Out’ feature.
- The ‘Cash Out’ functionality is not available for bets placed as ‘Free Bets’.
We hope you enjoyed our cash out explanation, remember if you don’t already have a Betway account you can click here to sign up.