## The Cash Out Product
Cash out allows you to close a bet before the event concludes, accepting a reduced (or in some cases enhanced) return in exchange for certainty.
The bookmaker calculates a cash-out price in real time. This price always contains an additional margin on top of the live market price.
## The Fair Value of Your Position
The fair value of a pre-match bet at any point in a live match is:
Fair value = Current live probability × Original bet payout − (1 − Current live probability) × 0
Or equivalently: the price you could achieve on an exchange lay.
**Example:** You backed Team A at 3.00 for £100. Team A leads 1-0 at 70 minutes. Live probability of A winning: 80%. Exchange lay at 1.30.
Fair cash out via exchange:
Lay £230 at 1.30 (stake × original price / current price):
- A wins: back wins £200, lay loses £69 → net +£131
- A does not win: back loses £100, lay wins £230 → net +£130
Exchange gives you ~£130 guaranteed.
Bookmaker cash out offer: £115 (they embed ~12% additional margin on the cash out).
**Difference: £15 — or the cost of using the bookmaker's cash out product instead of the exchange.**
## When to Use Bookmaker Cash Out
Only if exchange liquidity is insufficient to match your lay position. The bookmaker cash out, despite its margin, is better than no cash out at all.
## When to Never Cash Out
On small bets (under £20), the friction of executing an exchange lay (minimum bet amounts, commission) may exceed the benefit. For small recreational bets, holding to expiry is often the practical choice.
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