Why do bookies allow cashouts? | Bitcointalksearch.org

Dr.Bitcoin_Strange

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Quote from: Antotena on October 03, 2024, 11:48:32 AM

Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

Imagine that you owned a casino someone bet $100 to a bet of 30 games worth potential of $100k and when all the games has been played, the player already won 26 games with remaining 4 games, if you owned a casino you will want the person to have an option to collect less probably $26k so that he will forfeit the rest of the $74k. An emotional gambler that hasn't seen such amount of money beofr will quickly accept and cashout especially when the rest of the bet isn't sure.

It's actually a risky move for the casino too because they are not certain of the result too. There's no guarantee that the remaining 4 games will actually play successfully.

It's also a risky adventure for the player because if they don't accept the first cash-out offer and the game fails, they will lose everything, meanwhile they should have accepted the $26k offer they got.

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Quote from: Huppercase on October 03, 2024, 01:32:29 PM

Quote from: Frankolala on October 03, 2024, 10:22:14 AM

Of course, casinos are out there for business and nobody will love to run a business that will bring him losses. However, I am looking it from two sides which are

- The casino uses cash outs to tempted the gamblers if they are eager to take the little profit which they have from their bet already or to know if you will prefer to be patient till the end of the games.

- The casino also does not want to run at loss that much and uses the cash out offer to reduce their losses. Both the casino and the gambler can come to conclusion to stop the ongoing bet.

Most often, they give cashout if you might want to take some money and leave the rest of the game or if you are winning, the casino tempt the player to take small cash instead of the huge amount of money so they don't have to pay you plenty amount of money. If you look at that cashout option, it's easy for casinos to convince a player to take small money instead of huge amount especially when they haven't win many for sometime and even the little cashout you won will be return in few days unless you didn't bet again.

The general reason why they do it is majorly to reduce their own losses. If a casino is going to pay you 100% of money in your bets, I'm not sure if get are going to pay you upto %50 of the winning in the cashout even though the bet is almost coming home, they are very greedy with cashout even when they are trying to reduce the pay out they are going to pay you.

Actually as a bettor then it will really be that a win or something that beneficial for us on having this kind of chance specially that you could really be able to take some early cash out. There are really that times or moments that we've seen our bet slip is really that a little bit that not in favor or you've seen something that there's a probability that it might be a loss on which on this case we will really be able to make out such
decision to take out some early cash out and would really be able to secure such winning amount on which this is really that an advantageous in our part as a bettor. Same goes into the bookies itself on which
on the moment that there's someone who do able to make some early cash out but ended up on winning up their bet slip then that would really be a huge save up for the bookies on which instead on paying up that 100%winning amount the do really able to lessen it down and this is really that an advantage.

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Quote from: Frankolala on October 03, 2024, 10:22:14 AM

Of course, casinos are out there for business and nobody will love to run a business that will bring him losses. However, I am looking it from two sides which are

- The casino uses cash outs to tempted the gamblers if they are eager to take the little profit which they have from their bet already or to know if you will prefer to be patient till the end of the games.

- The casino also does not want to run at loss that much and uses the cash out offer to reduce their losses. Both the casino and the gambler can come to conclusion to stop the ongoing bet.

Most often, they give cashout if you might want to take some money and leave the rest of the game or if you are winning, the casino tempt the player to take small cash instead of the huge amount of money so they don't have to pay you plenty amount of money. If you look at that cashout option, it's easy for casinos to convince a player to take small money instead of huge amount especially when they haven't win many for sometime and even the little cashout you won will be return in few days unless you didn't bet again.

The general reason why they do it is majorly to reduce their own losses. If a casino is going to pay you 100% of money in your bets, I'm not sure if get are going to pay you upto %50 of the winning in the cashout even though the bet is almost coming home, they are very greedy with cashout even when they are trying to reduce the pay out they are going to pay you.

ChiBitCTy

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If you ever look at the terms of cash outs close enough you'll notice that there's an invcentive for you to cash out. The way I like to equate this is like a cash out at your employer. I work for a gov entity, or rather they are my client. Their workers get pensions. Often times they will offer clients a "cash out" option..."take your money and run"..or you can stick with it and hope that you make more in the long run. When I get asked for advice on this I always ask.."there's a reason they are giving you this option, and not because it benefits you".

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Quote from: Su-asa on October 03, 2024, 08:59:44 AM

I have asked myself this question several times and the only logical answer is because they want you to lose. Bookmakers do their possible best to design the odds against the gamblers, so whether you like it or not it's a business that they are into in order to make profit, they simply allow cashouts when a potential win is going in favour of the gambler, although sometimes this isn't a always the case but that's how cashouts works. It's left for you to decide if you are going to take it or wait for the game to play out.

Sportsbook do not want you to win them because when you win, you make them to lose money, they always want to win you therefore we should not think that they had us in mind when they introduced this system. You are right with your thinking because they mostly bring the cashout option when they see that your potential win is increasing and you are going to win very big amount therefore they try to reduce the amount that they will pay you if you win so they tempt you with the cashout options. They want you to take a pay cut and go for smaller money and we get tempted to accept it. For me, I always weigh my options and decide based on what I think about the few games remaining. Cashout does not favour us all the time and at times, we should avoid to take them.

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Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

Imagine that you owned a casino someone bet $100 to a bet of 30 games worth potential of $100k and when all the games has been played, the player already won 26 games with remaining 4 games, if you owned a casino you will want the person to have an option to collect less probably $26k so that he will forfeit the rest of the $74k. An emotional gambler that hasn't seen such amount of money beofr will quickly accept and cashout especially when the rest of the bet isn't sure.

The option has saved alot of casinos and it has also saved alot of players from losing their stake and now many casinos has seen the advantage it offer them and also the players that's why you see such options in many casinos. Many gamers now avoid a casino when they don't have such options because you never can tell when the odds will not be in your favor.

Dr.Bitcoin_Strange

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Quote from: Franctoshi on October 02, 2024, 06:26:10 PM

Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Well, I have always asked myself this question several times, but guys, I also want to get your opinion.

For gamblers who are really into sports gambling, you are aware that some casinos offer you a cash-able amount, which is usually some percentage of the potential winnings on your ticket. These cash-out offers are usually presented if you stake in an accumulator (for example, up to 20 selected games), and luckily, if 15 or 18 games are already successful in your accumulator,the casino will offer some percentage of the cash out of the potential winning amount.

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

If you started very early in the past to play betting, taking you for instance. Here in my countryside, When I started gambling, I noticed that cash-out option wasn't then available, but later it became available. Furthermore, when online gambling hasn't become this popular as it is today, when I used to go to book my games in a physical betting shops, I often hear off people then complain, if there had been way they could have cashed out when almost all their games had played and remaining few or one they're no longer sure if it will play and various reasons they wanted to cash out.

Therefore, I believe betting platforms at some point became aware of this complaints by its customers and try to make betting more flexible and within the gamblers control other than how it used to be before, Not only that it's also of beneficial to them because they don't have to pay off a whole big money, had a game been in the money.

Both the gambling platforms and its customers enjoy this offer and also make the process easier for participants.

Well, before I started gambling, the cash out option have already been added to some online and land base betting shops, but even before I started gambling, from the experience of other gamblers around, I already knew that there was no option as cash out but it was later added.

Based on your last statement, yeah, some gamblers benefit from it and the casinos also benefit big time.

Frankolala

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Quote from: Su-asa on October 03, 2024, 08:59:44 AM

I have asked myself this question several times and the only logical answer is because they want you to lose. Bookmakers do their possible best to design the odds against the gamblers, so whether you like it or not it's a business that they are into in order to make profit, they simply allow cashouts when a potential win is going in favour of the gambler, although sometimes this isn't a always the case but that's how cashouts works. It's left for you to decide if you are going to take it or wait for the game to play out.

Of course, casinos are out there for business and nobody will love to run a business that will bring him losses. However, I am looking it from two sides which are

- The casino uses cash outs to tempted the gamblers if they are eager to take the little profit which they have from their bet already or to know if you will prefer to be patient till the end of the games.

- The casino also does not want to run at loss that much and uses the cash out offer to reduce their losses. Both the casino and the gambler can come to conclusion to stop the ongoing bet.

Agbe

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I have seen some of the logic answers here. And let me also say mine. Bookmarkers allow cash out because to limit overall (Potential) lose. And to increase the number.of players or gamblers in the casino. With doing that, the gambler would tell his friends to come and gamble in the casino to increase the number. And to give hope to the players to continue betting. Since they are cashing out, it means they are not losing all. They they lose more.

Another factor is that, you know that the online gambling now is on the race of competition so everyone casino has their strategies to market their site. Some give regular bonuses while some use the cash out method. Those are some of the reasons for creating Cash out.

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Quote from: Su-asa on October 03, 2024, 08:59:44 AM

I have asked myself this question several times and the only logical answer is because they want you to lose. Bookmakers do their possible best to design the odds against the gamblers, so whether you like it or not it's a business that they are into in order to make profit, they simply allow cashouts when a potential win is going in favour of the gambler, although sometimes this isn't a always the case but that's how cashouts works. It's left for you to decide if you are going to take it or wait for the game to play out.

Yes, I agree with your answer. Every bookie always does the best to make a profit from gamblers. One of the reasons why bookies allow winning gamblers to be able to withdraw cash is included in their program so that players always follow it and are comfortable in gambling because they have a big mission behind it.
Believe it or not, such rules have been set by the bookies in order to ensure that gamblers have easier access to the potential profits that happen at this time in casinos. Everyone has their own mission, they have to be smart in taking opportunities whenever something new comes up.

Su-asa

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I have asked myself this question several times and the only logical answer is because they want you to lose. Bookmakers do their possible best to design the odds against the gamblers, so whether you like it or not it's a business that they are into in order to make profit, they simply allow cashouts when a potential win is going in favour of the gambler, although sometimes this isn't a always the case but that's how cashouts works. It's left for you to decide if you are going to take it or wait for the game to play out.

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Quote from: TopTort777 on October 03, 2024, 08:17:40 AM

Quote from: Julien_Olynpic on October 03, 2024, 06:12:21 AM

Most likely, this is a special psychological trick

Or a chance to cancel bet if you have placed it accidentally. For example I have no idea (and never wanted to find it out Cheesy

) what Asian lines are Cheesy

Sometimes odds are so good that the lure me to bet. Or, it is a chance to cancel bet, add booster and replace it. Or, it allows to cancel a bet that has been placed long time ago, and now circumstances influence on a result, so it is better to cancel and make other bet. I see only pros of betting cashouts.

Well, no doubt you can cancel your bet, but you won’t get back the full amount you risked. I agree with @Julien_Olympic - it could be a psychological trick. When you keep using the cashout feature, it can become part of your strategy without you realizing it. The downside is that it often leads to lower chances of winning in the long run.

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Quote from: Julien_Olynpic on October 03, 2024, 06:12:21 AM

Most likely, this is a special psychological trick

Or a chance to cancel bet if you have placed it accidentally. For example I have no idea (and never wanted to find it out Cheesy

) what Asian lines are Cheesy

Sometimes odds are so good that the lure me to bet. Or, it is a chance to cancel bet, add booster and replace it. Or, it allows to cancel a bet that has been placed long time ago, and now circumstances influence on a result, so it is better to cancel and make other bet. I see only pros of betting cashouts.

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Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Well, I have always asked myself this question several times, but guys, I also want to get your opinion.

For gamblers who are really into sports gambling, you are aware that some casinos offer you a cash-able amount, which is usually some percentage of the potential winnings on your ticket. These cash-out offers are usually presented if you stake in an accumulator (for example, up to 20 selected games), and luckily, if 15 or 18 games are already successful in your accumulator,the casino will offer some percentage of the cash out of the potential winning amount.

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

I think the cashout method is invented to favor both parties, because when this betting of was first brought tonmy country that is even before to can bet online, the cashout system was not there. So personally I think the first betting system that invest cashout used it to gain customers from their other betting competitors. I could still remember it was bet9ja that started it and most users had to leave nairabet and start using bet9ja till today I could say the cashout system that was invented was one of the reason bet9ja have the highest number of user in Nigeria today.

Sportybet though is taking over now because they made betting more easier with phone app, Sportybet app so very easy to use, to credit, and even to withdraw too. For sure right now I can say Sportybet has taken over sport betting in Nigeria because over 90% of bet user are using Sportybet now. So each betting platform is always looking for a way to buy out their competitors out of the market.

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Quote from: Oluwa-btc on October 02, 2024, 10:06:17 PM

Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

Yeah most definitely Casinos do that due to their inability to pay up gamblers with a win and subsequently it's one of their strategies to inform you indirectly that they can't offer you the amounts of wins you have attain so what they do is to issue you to csshouts even before the main games start. It's funny how they are always bent on this, normally you'll be thinking they want you to make alot before the main game but mind you they don't care about what winnings and loss if a gambler and thats why they make this strategies to let the gambler gamble more so they can make so much profits for themselves.

It's a simple but smart move from casinos. Just a mind game, if they gambler can't wait to take his full win then he can cash out and also if he feels the game wont play then he should cash out as well. Its just the casino are willing to pay you this amount for how long your game has gone. The amount of cash out is probably less compared to what the gambler would have won. Although its up to he gambler if he can manage that one.

What i dont really like about the cash out feature is how they tend to allow cash out at the beginning of the game. Maybe they feel gambler would think the game wont enter and cancel their bet.

Julien_Olynpic

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Most likely, this is a special psychological trick and a kind of marketing move, which is designed to increase the player's loyalty to the bookmaker. I think that bookmakers repeatedly test or have tested this technique and most likely have become convinced of its effectiveness for their long-term profit. You know that now, when there is such a big competition in the betting market and bookmakers are trying to stand out in some way to attract players to their side. In my opinion, this is the right policy. If a company wants long-term profit and an advantage over competitors, then it must increase the loyalty of its audience.

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Quote from: mirakal on October 03, 2024, 04:39:36 AM

Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

I think there’s a solid reason why they’re offering this option, and it’s all about looking out for the benefits gamblers. Maybe the bookies see that a lot of gamblers are losing, and this kind of option helps them save some money. I’m in support of this strategy because it shows that casino owners aren’t just totally greedy because they know that gamblers have a slim chance of winning if they continue.

Of course, this option will still depend on gamblers, but personally, if I feel uneasy, I’d rather take the opportunity to step back. Unless, of course, I’m feeling lucky and ready to take a shot at winning!

Maybe yes, though the decision still depends on the gambler itself. I guess there's always a good purpose for that kind of offer and yes maybe in some way casino owners also consider things like that, though even they offer it there are always many greedy gamblers that will not use this kind of offer.

Thinking that they are good enough or they are lucky enough not to quit but instead wait for the outcome and lose their bets.

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Part of AOBT - English Translator to Indonesia

Why do bookies allow cashouts? Well according the forbes "Early cash-out betting is a way to end your bet before the sports contest concludes, enabling you to lock in a profit before things potentially head south or stop the bleeding before things get out of hand. This is not an option for all bets at all sportsbooks, but it's becoming more popular and widely available" - https://www.forbes.com/betting/guide/early-cash-out

Cash outs allow bettors to settle their bets early, offering a cash sum that users can take ahead of the original bet being settled

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Quote from: Dr.Bitcoin_Strange on August 15, 2024, 04:05:46 PM

Why does the casino do that? Is it that they are scared of paying off that potential win if the game is finally successful? Or are they doing it to help the gambler take some profit so that even if the game bust, the gambler wouldn't be in total loss? The casino offers cash out when they are not even sure that the ticket will play out successfully, why?

I think there’s a solid reason why they’re offering this option, and it’s all about looking out for the benefits gamblers. Maybe the bookies see that a lot of gamblers are losing, and this kind of option helps them save some money. I’m in support of this strategy because it shows that casino owners aren’t just totally greedy because they know that gamblers have a slim chance of winning if they continue.

Of course, this option will still depend on gamblers, but personally, if I feel uneasy, I’d rather take the opportunity to step back. Unless, of course, I’m feeling lucky and ready to take a shot at winning!

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Quote from: ethereumhunter on October 03, 2024, 03:41:07 AM

Quote from: Victorybit1 on October 02, 2024, 05:21:01 PM

The simple answer to this question is because the bookies are gamblers too, cashouts are more like a distraction to lure your attention a away from a potential win, when a game has a high chance of going your way there offer you a tempting cash out so you can just take it but the tricky thing is sometimes taking those cashouts might be a good decision because you don't actually know if the games would go sideways. Gamblers go through the pain of regret after cashing out a game that plays out well, to me that's greed. You should at least consider the fact that you made profit.

The bookies know the gamblers can become greedy when they see their temporary winning so gamblers will delay their winning and expect to win huge money in the end of the match. But sometimes that will not happen and makes gamblers lose all of their money so bookies can takes the money while the gamblers regret it. The bookies gives the opportunity to gamblers to cash out their winning so gamblers can realize that they can get their win money. But not many gamblers realize that opportunity instead let it be like that until the match end. If gamblers can be wise to the situation, they will take the chance to cash out their winning and leave the casino to enjoy the money. That is what we need to do if we see the winning.

Bookies would really be that definitely do their best on trying out to take advantage on whatever the possible ways that they could possibly applied on. Even if it would be making those perks that they would really be doing or those features on which they would really be making bettors do able to make some earlier cash out on which this is something that will really be that making you that tempted on cashing out early.

Its really just that depending on you actually whether you would really be that making use of this feature or not. You've been giving the chance to win up a portion of the overall potential win.
You aren that forced on doing so. Even bookies doesnt know on what would be the result. If it turned out to be that you've won and decided to go further then they cant stop you on doing so.
If it turnes out that you have cashed out early and the next game lost then its on bookies disadvantage. Same goes into the time that you've been continuing your bet.

This is the risks that they would really be taking as a bookie knowing that any business doesnt really guarantee everything. If it turns out that to be that having win then
we do know on whose really that on advantage.

Topic: Why do bookies allow cashouts? (Read 1116 times)