If you’re a horse racing enthusiast, it’s likely you’ve been building your knowledge of the sport and investigating ways you can benefit as a bettor. If this is the case, it’s likely you’ve heard about cash outs and partial cash outs.
So, what are cash outs and partial cash outs and how can they be used to maximize your winnings in horse racing betting?
Understanding cash outs and partial cash outs
Cash outs and partial cash outs have revolutionized online sports betting, giving bettors greater control over their wagers. Discerning punters take full advantage of cash out and partial cash out options, giving themselves a way out when bets don’t work as planned.
Before the introduction of cash outs to sports betting platforms, horse racing wagers were rather limited. All you could do was place your bets and wait for live events to finish. Your bets were locked in and no early exits were allowed. The only way to win or lose was to see an event through to the end – that is, until cash outs arrived.
Cash outs and partial cash outs can be used in all types of horse racing, whether it’s dirt track, Polytrack, Tapeta or cushion racing. Not all bookmakers support cash out and partial cash out features, but the number of adopters willing to integrate these additional betting options grows by the day.
Cash outs defined
The idea behind cash outs is to provide alternative betting options. When you place a bet with a cash out or partial cash out option, you’re given the opportunity to withdraw some or all of your money early, ensuring that you walk away with a portion of the winnings.
Let’s use NYRA bets as an example and say that you go for an accumulator bet based on a famous trainer’s stable. Four prized steeds make up your selection. The first couple of races go in your favor and your initial bet is covered. But the horse you chose for the final race had an unexpectedly slow start in the morning heats, which could point to a subpar finish and a lost bet.
If you have a cash out option available, here is where it may be a good idea to withdraw your winnings early, just in case the last race doesn’t go as predicted. You won’t have a stake in the final sprint, but that’s the risk you have to take when you go for a cash out.
The difference between a cash out and a partial cash out is the amount you can withdraw. A partial cash out allows you to take a portion of your winnings, not the whole amount. Unlike a full cash out, a partial one allows you to keep your stake in the pool until the end of the last race.
The pros and cons of cashing out
A lot can change over the course of a race day, from mishaps and injuries to weather changes and turf degradation. Sometimes you just have a run of bad luck, but being able to cash out can protect you from all these random elements.
Having more than one option is always a welcome sight for horse racing betting. The longer your bet runs, the more you walk away with when you do decide to cash out. It’s an extremely useful tool when you feel you might lose a bet, provided you’re willing to accept that the amount you get won’t be as much as it would be if you had stayed in.
It’s a win-win situation for both punters and bookies, with less risk for bettors and higher margins for exchanges. For bookies offering cash out options, it’s all about gaining an edge over the competition and providing services that other online sports betting platforms don’t have. For the punter, it’s a form of insurance which enhances the chances of winning.
It’s important to note that some bookies suspend their cash out feature during races. Some don’t support cash out options at all, so you need to know what you’re getting into before you start making wagers. The first terms you should become familiar with are the different types of horse racing bets available to you.
Horse racing bets explained
Betting on horse racing requires thorough knowledge of bet types. You don’t have to learn how to read horse racing odds before you can begin placing bets, but prior knowledge of bet types and strategy tips will always be beneficial.
There are two main types of horse racing bets: straight bets and exotic bets. Straight bets involve choosing the placement of a single horse, whereas exotic bets consist of multiple bets on multiple horses in a variety of combinations.
Choosing a horse that will come first is known as a win bet. Second-place is called a place bet, while third is referred to as a show bet. One of these bets on its own is a straight bet, while any combination becomes an exotic bet.
Understanding the different types of wagers, together with the use of cash out and partial cash out features, gives bettors an unprecedented level of control over their betting decisions.
Join BetMGM for premium horse racing entertainment
Horse racing can seem intimidating to newcomers, but once you know what to expect and you’re able to recognize the betting terms being used, betting on horse races becomes a lot easier to enjoy. If you’re ready to have some fun at the races, register with BetMGM for access to all the latest online sports betting action, including real-time odds updates for all major sporting events.