While legalized sports betting in Pennsylvania is a new frontier, cash-out betting is a common online sports betting feature. It’s an option for bettors who are not confident in their bet or want to limit risk on a wager.
How cash out betting works
Cash out betting is a live/in-game feature offered by the following PA online sportsbooks:
Sports bettors can cash out in real-time, before the result of the event is even complete. The amount of money you get back depends on the timing of your cash out. It effectively depends on the current likelihood of the bet winning and could be greater or less than the initial wager.
Why do sports bettors cash out?
Sports bettors usually cash out before the game is over for two reasons:
- If the wager starts out looking like a winner but doesn’t seem it will end that way, a bettor can cash our for partial winnings.
- Conversely, if the wager seems like a losing one from the start, a bettor can cash out early so they don’t lose the entire amount of the wager.
Pennsylvania online sportsbooks offer cash out on:
- Moneyline wagers
- Point spread wagers
- Futures bets
However, it is important to check with each PA mobile sportsbook to determine what sports and types of wagers they offer the cash out option for.
An example of an instance where a bettor might choose to cash out would be Steelers wide receiver JuJu Smith-Schuster futures bets. Quarterback Ben Roethlisberger’s Week 2 season-ending elbow injury dramatically lowered Schuster’s chances to lead the NFL in receiving yards or touchdowns.
How to cash out
The cash out option is only available for bettors using online sportsbooks. If your bet is eligible for cash out, you will be offered a value based on current odds.
Once you cash out, the bet is finished. You cannot reverse the cash out option.
Cashing out tips for FanDuel
FanDuel currently offers cash out on the following:
Cash Out is available on straight single and parlay bets. It is not offered on spread and total points markets, teaser bets and round robins. Availability of Cash Out is indicated by the unique Cash Out symbol located in the highlighted areas.
After you place a bet and are ready to cash out, open the “active bets” tab on the bet slip. For any bet where cash out is available, you will see the green cash out button with the associated cash out value.
When you click on the cash out button, you will need to confirm that you are cashing your bet out. When you confirm the cash-out, the sportsbook reviews the transaction, then they will either accept or reject the request. If accepted, the funds will be transferred to your wallet as winnings instantaneously and the bet will show in the settled bets tab as “cashed out.”
Per state regulations, you must be physically located in the state of Pennslyvania in order to cash out.