>Honestly I think it should be a law that you can cash out the full bet within say 15 minutes
Or people could be more responsible/accountable, and not expect Daddy Government to save them from errant wagers placed from the driver's seat @ 63 mph.
As is, the market kinda works. Some books allow immediate cash-outs at 100%, and some don't. Customers have a choice.
True - but as long as the line you bet at hasnt changed.
It would also help in the case that you make a mistake betting and can correct it before the game starts.
Seeing others say they do this to prevent arb betting. Maybe the case but still feels like a blatant rip off to me when an even line is already -110 and then an immediate cashout is also -10% of the original bet.
I have made two mistake bets over the past 3 years over thousands of bets. Bet MGM contacted support right away and they cancelled and refunded the bet. DK (same thing contacted them immediately) basically told me to be more careful before placing a bet. Mofo Im driving on a highway before or after work for 50% of my placed bets LOL
It started at $100 max and then bumped up to $250 after the first week. I think Ive been using the promo daily for the past 3 weeks or so and have lost only 3 times!! Anyday now I expect them to drop down the max or pull the promo from me altogether. Waiting for either of those before I withdrawl the winnings from my account.
They started me at $250 and I was rinsing them, then they bumped me up to $500. I kept putting $250 even though it was max $500, kept rinsing them, now I only get $10 on the MLB up by two. Silver rewards member. So this is what it feels like to be limited.
Here's a different perspective than what I'm seeing others say:
I have noticed that the pre-game cashout amounts typically "go down" if the odds "get less likely to win." So if you put $10 down on a -150 bet, but that moves to -120, your pre-game cashout might be like $8.
Of course, they NEVER offer you free money on a pre-game cashout if the odds "get more likely to win." So if you put $10 down on a -150 bet, but that moves to -200, they're not gonna increase your cashout to more than your original wager.
Hope that makes sense.
They do increase it tho. I've had bets where I could cash out pregame for a few bucks more than my initial wager if the odds move far enough. It's rare but it does happen
This is a super important thing to know about sites if you are betting arbitrage. Pre game I always place my bets on 365, sports interaction, Bwin etc. before sites like Betway (which is the worst for this) or LeoVegas or PlayNow. Which instantly cut your offer or don’t offer you any payout at all on most markets.
Seeing comments saying it's an extra way to make money. I diaagre to some extent. It's not a deliberate thing - at least to begin with. However you can argue not changing it is deliberate.
There is margin baked into cash out - that's how it makes money. The customer knowingly or unknowingly pays that premium to get out of their bet. For a lot of bookies, this applies to the bet from the point it's placed. Some bookies put in rules to allow full cash out (no margin) within a few minutes of placement - or even much more if the odds haven't changed in the customers favour.
The main reason they do this is because in most cases the customer will likely place a different bet instead. If not, then the bookie has sacrificed some margin by giving it back to the customer. But its worth it overall for them to do this. Its a good customer experience improvement if nothing else, but they are not losing out on a huge amount by allowing it.
dk fd and caesars offer the worst cashouts / take 10% off the top if the odds are even from what I've seen. MGM/fanatics offer even money if the odds haven't moved, fanatics will give you like .05% more if the line moves two or three times in your favor and takes like 20% if the line moves once out of your favor.
Youre telling me my experience is not true lol. I make plenty wagers with FD and they always offer the same wager I placed as a cashout option unless the event started
Also does anybody else just never once get a cash out option on a live game regardless of how likely the bet is to win? I feel like the last 6 months I have yet to have a single cash out option mid game when I used to have them all the time.
ESPN Bet lets you cancel for your full wager back unless the line moves. Did it yesterday when I accidentally doubled up on the Orioles, and glad I did haha
It's based on the odds. If you bet something at even money and it flips to -200 then you can probably cash out for a little profit. But yes it takes 10% off the top to start and then shifts based on line movement.
It's the worst way for the customer though cause if the line moves against you, the cash out goes down. If it moves in your favor then the cash out is raised to above the bet amount (not by much), but most likely a customer wouldnt cash it if the line they locked is now plus value.
The ones that take an immediate cut do so to ensure you continue your wager, as the sportsbook makes money when your average person bets anything.
You can only really speculate why some don't do this (Bet365, BetMGM) but it could be simply to provide convenience to customers, or even to avoid wasting their customer service reps time because they are getting requests to cancel their accidental bets.
Depending on line movement the cashout value will go up or down
DK
I know DK takes some money off but in my experience if you wait a little bit it will go back to the original wager you placed.
Honestly I think it should be a law that you can cash out the full bet within say 15 minutes
>Honestly I think it should be a law that you can cash out the full bet within say 15 minutes Or people could be more responsible/accountable, and not expect Daddy Government to save them from errant wagers placed from the driver's seat @ 63 mph. As is, the market kinda works. Some books allow immediate cash-outs at 100%, and some don't. Customers have a choice.
Relax ancap, sometimes people make mistakes.
True - but as long as the line you bet at hasnt changed. It would also help in the case that you make a mistake betting and can correct it before the game starts.
Yeah that’s completely fair
Seeing others say they do this to prevent arb betting. Maybe the case but still feels like a blatant rip off to me when an even line is already -110 and then an immediate cashout is also -10% of the original bet. I have made two mistake bets over the past 3 years over thousands of bets. Bet MGM contacted support right away and they cancelled and refunded the bet. DK (same thing contacted them immediately) basically told me to be more careful before placing a bet. Mofo Im driving on a highway before or after work for 50% of my placed bets LOL
See I think that’s just good business from MGM. Please consider not doing that while driving though man.
Sounds safe and responsible
we need a special number for the highway bettors to call 🤣
We have one: 911
DraftKings is greedy
Not with promos lol
That MLB Up by Two max $250 bet is gravy!!
That’s wild. I get $50 and $10 max for that promo on my accounts.
It started at $100 max and then bumped up to $250 after the first week. I think Ive been using the promo daily for the past 3 weeks or so and have lost only 3 times!! Anyday now I expect them to drop down the max or pull the promo from me altogether. Waiting for either of those before I withdrawl the winnings from my account.
They started me at $250 and I was rinsing them, then they bumped me up to $500. I kept putting $250 even though it was max $500, kept rinsing them, now I only get $10 on the MLB up by two. Silver rewards member. So this is what it feels like to be limited.
The reason it isn't 100% on every book is they're trying to discourage ARB betting
Here's a different perspective than what I'm seeing others say: I have noticed that the pre-game cashout amounts typically "go down" if the odds "get less likely to win." So if you put $10 down on a -150 bet, but that moves to -120, your pre-game cashout might be like $8. Of course, they NEVER offer you free money on a pre-game cashout if the odds "get more likely to win." So if you put $10 down on a -150 bet, but that moves to -200, they're not gonna increase your cashout to more than your original wager. Hope that makes sense.
They do increase payout if you got good CLV
Cool. I've never seen Bovada do it (unfortunately stuck with that book because of residence)
DraftKings will offer a higher cashout pregame if you catch enough CLV.
Awesome. Just haven't seen it happen!
I have seen this as well.
They do increase it tho. I've had bets where I could cash out pregame for a few bucks more than my initial wager if the odds move far enough. It's rare but it does happen
Never seen it on Bovada but I'm glad someone gets those!
This is a super important thing to know about sites if you are betting arbitrage. Pre game I always place my bets on 365, sports interaction, Bwin etc. before sites like Betway (which is the worst for this) or LeoVegas or PlayNow. Which instantly cut your offer or don’t offer you any payout at all on most markets.
How is sports interaction for withdrawals?
Hey. I misread your original comment… it’s terrible for cash outs. It’s fine for withdrawing money.
Thanks
Terrible. I meant Bet99 lol.
I have too many accounts
Seeing comments saying it's an extra way to make money. I diaagre to some extent. It's not a deliberate thing - at least to begin with. However you can argue not changing it is deliberate. There is margin baked into cash out - that's how it makes money. The customer knowingly or unknowingly pays that premium to get out of their bet. For a lot of bookies, this applies to the bet from the point it's placed. Some bookies put in rules to allow full cash out (no margin) within a few minutes of placement - or even much more if the odds haven't changed in the customers favour. The main reason they do this is because in most cases the customer will likely place a different bet instead. If not, then the bookie has sacrificed some margin by giving it back to the customer. But its worth it overall for them to do this. Its a good customer experience improvement if nothing else, but they are not losing out on a huge amount by allowing it.
dk fd and caesars offer the worst cashouts / take 10% off the top if the odds are even from what I've seen. MGM/fanatics offer even money if the odds haven't moved, fanatics will give you like .05% more if the line moves two or three times in your favor and takes like 20% if the line moves once out of your favor.
fd always offers me the same back unless the event started. dk automatically takes off like 10%
This is not true. Fd does the same thing with reducing cashouts, it just depends on the scenario.
Wrong
Yeah, i know you are. I use FD every single day and I have seen cashouts go both ways.
So you’ve seen them go both ways? That’s not what you originally said. Get some CLV and see what ur cash out really is.
"FD does the same thing with reducing cashouts, it just depends on the scenario" its actually exactly what i originally said dumbass
You must not know what reducing means lmfao
Youre telling me my experience is not true lol. I make plenty wagers with FD and they always offer the same wager I placed as a cashout option unless the event started
I use FD every single day and I have seen it go both ways.
It's all a money grab. The sooner that is realized.. the better.
Why do certain retailers charge a restocking fee, while others allow full refunds.
They know that there are a lot of dumb people who do these cash outs.
Also does anybody else just never once get a cash out option on a live game regardless of how likely the bet is to win? I feel like the last 6 months I have yet to have a single cash out option mid game when I used to have them all the time.
Usually depends what kind of bet idk
ESPN Bet lets you cancel for your full wager back unless the line moves. Did it yesterday when I accidentally doubled up on the Orioles, and glad I did haha
The ones that don’t take a cut it is nice, I’ve fat fingered a bet once before and added an extra zero to what I wanted to bet and couldn’t cash out
Seems DraftKings takes roughly 10% of your wager .. even if you cash out immediately. Guess just another way for the books to make some extra cash.
They used to give you the full amount till about a year ago
It's based on the odds. If you bet something at even money and it flips to -200 then you can probably cash out for a little profit. But yes it takes 10% off the top to start and then shifts based on line movement. It's the worst way for the customer though cause if the line moves against you, the cash out goes down. If it moves in your favor then the cash out is raised to above the bet amount (not by much), but most likely a customer wouldnt cash it if the line they locked is now plus value.
The ones that take an immediate cut do so to ensure you continue your wager, as the sportsbook makes money when your average person bets anything. You can only really speculate why some don't do this (Bet365, BetMGM) but it could be simply to provide convenience to customers, or even to avoid wasting their customer service reps time because they are getting requests to cancel their accidental bets.
Alright that kinda makes sense. Thanks.