Checked out bet365 and it seems like they dont accept bitcoin yet, and im not really familiar with this feature, does this mean that we can cancel 100% of our bet or do we only get some percentage of our bet back if we cancel it halfway?
Cashout is a feature that lots of FIAT sportsbooks are adopting, and it's only some time before the crypto sportsbooks take them on too.
Here's a breakdown for you of what cash in my bet does. Note the image is small:
Some Important PointsCash in my bet generally is only offered if there's a chance of you still winning. For example, if you bet soccer and bet USA to beat Germany, and Germany is 3-0 up at half time, you likely won't have a cashout option. However, if it's 0-0 or just 1-0 to Germany at half time, you will have a cashout option so you can "cut your losses" and take a percentage of your stake back. It works the other way too - If USA is 1-0 up at half time and you don't think they can hold the lead, you could cash in your bet and receive your stake + a percentage of what you would've won. The bet will settle then and there.
This works great for totos/accumulator bets. This essentially means you could pick an eight leg accumulator over a weekend, and your first seven games win. Then, during the eigth game, the team you backed is 1-0 down early and just had a man sent off! Oh no! You cash in your bet if you don't want to take the risk & you'll be paid out, generally on the scale of your 7-team win odds (the 7 teams that already won), minus 30-40%.