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I’m not sure if something has changed recently but SkyBet cash out is pretty mind boggling.
Put down 10pts on a win single @ 14/1. An hour passes and I decide that perhaps an E/W should have been the right bet.
Odds have now shortened to 10/1. I decide fine I’ll cash out and put down the E/W.Now one would expect that at the very least you would get your full refund on cash out considering the odds have now shortened since the bet was placed.
No sir, we’ll give you back 8.5pts of your initial bet to cash out.
First world problem I know, still confused by the logic of this! Not long ago if odds shortened you’d get full amount plus a few pence for your trouble :)
Is this common across the board?
From what I understand by choosing to use the cash out option you are entering into a service provided by the bookmaker on the bookmaker’s own terms. Thus the bookmaker will nearly always take a profit margin when the market has changed in any way, which will be whatever amount the bookmaker sees fit to in each individual case, and this will be reflected in the bookmaker’s offer to you.
The bookmaker’s greedy determination to take a profit may alone in the bookmaker’s eyes outweigh the fact that, in your example, the offer is patently unattractive. However, you do have the choice to decline and not cash out.
Your horse has shortened but that is only one part of the story and what only the bookmaker knows is how the market, which has changed since you placed your bet, is shaping at the moment you ask to cash out in terms of the bookmaker’s overall liabilities. It may be a fair offer or the bookmaker may be using the fact that the market has changed as a smokescreen to try to take a profit!
Never really understood the logic of cashing out. The bookmakers only have that option because it’s a benefit to them. In this case I really don’t understand why, if you thought 14/1 a value win bet, you would think an EW bet at much shorter odds a better option.
From what I understand by choosing to use the cash out option you are entering into a service provided by the bookmaker on the bookmaker’s own terms. Thus the bookmaker will nearly always take a profit margin when the market has changed in any way, which will be whatever amount the bookmaker sees fit to in each individual case, and this will be reflected in the bookmaker’s offer to you.
The bookmaker’s greedy determination to take a profit may alone in the bookmaker’s eyes outweigh the fact that, in your example, the offer is patently unattractive. However, you do have the choice to decline and not cash out.
Your horse has shortened but that is only one part of the story and what only the bookmaker knows is how the market, which has changed since you placed your bet, is shaping at the moment you ask to cash out in terms of the bookmaker’s overall liabilities. It may be a fair offer or the bookmaker may be using the fact that the market has changed as a smokescreen to try to take a profit!
Thanks, that makes perfect sense.
Likely the reason I’ve seen it go into profit at times and other times not is in directly relation to changes in the market the bookmaker is seeing but the public aren’t and of course their profit margin.
Learn something new every day in this game!
Thanks.
It gets worse…
Bet365 have brought in an ‘auto cash out’ option.
This allows punters to set a marker of an amount where if their bet reaches this target bet365 automatically cash the bet out for them.
Doesn’t this defeat the object and extremely reduce the ‘value’ to the punter.
Awful mechanism if you ask meAgreed, I never cash out because of the reasons stated above – you don’t get your fair share. I’d rather (and sometimes do) put a small saver bet on another horse in the race than cash out.
Agreed, I never cash out because of the reasons stated above – you don’t get your fair share. I’d rather (and sometimes do) put a small saver bet on another horse in the race than cash out.
My sentiments exactly, even on Betfair you are better off in the long run letting your bets run.
I've stumbled on the side of twelve misty mountains
I've walked and I crawled on six crooked highways
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