Why do bookies allow cashouts? - page 3.

Orpichukwu

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Quote from: betswift on August 18, 2024, 03:09:29 PM

It's a feature that's there, but I agree with your first paragraph Grin

Even though it's beneficial for the common gambler, it's still not a sign of good will for the sake of it per se.

It's not just beneficial to the gambler alone; there is also some great benefit that the gambling industry can take from it, as they have been able to reduce how much the gambler could have gained if they waited till the end of the game.

On the other hand, the gambler also has the chance to decide if they should reduce the risk and go home with the available cashout or wait patiently and allow the remaining games to decide their faith.

iv4n

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Quote from: Dr.Bitcoin_Strange on August 18, 2024, 02:35:24 PM

...
In a few cases, I have heard stories and have also witnessed the experience of some gambler that had a cashout of above $2k while the potential winning was on the range of $5k. The guy refused to accept the cashout, and the bet was unsuccessful at the end. He regretted not cashing the first offer he got.

Personally, for me, I don't joke with cashouts; if the offered amount I see is quite tangible, I will just take it and leave or might end up using some of the money to restake on the remaining games.

I think the answer to your initial question lies in your words, a casino that offers more markets and options is more attractive to players, but it's still gambling. A similar thing exists in slots (and some other games), when we get a bonus we can accept 10 free spins, but if we spin the wheel (usually it's the wheel) we can get more spins or lose everything. It is up to us to decide, to gamble for more or to take a safe but smaller gain.

Since I'm a gambler, I have been in situations like this many times... in sports betting to cash out or wait for the last game for more profit, in slots to accept 10 spins or try my luck for more spins. I don't have the math here, no matter what decision I made (cash out or wait, accept free spins, or try for more) I had many good & bad decisions. It's gambling... At a given moment we decide what to do based on several factors, but will it be a good or bad choice we don't know. It's on us to try it and hope for the best, it's gambling...

So why do bookies allow cashouts? Even thou you made up your mind they allow you to continue with gambling...

SmartGold01

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Quote from: Promocodeudo on August 17, 2024, 02:39:04 PM

Quote from: SmartGold01 on August 16, 2024, 03:11:30 AM

Quote from: GeorgeJohn on August 15, 2024, 04:42:56 PM

Quote from: SmartGold01 on August 15, 2024, 04:22:02 PM

Do you know that so far the numbers of people who are losing money in gambling is actually pretty much higher than winning and sincerely if this option isn't provided there could be declined

Analysis has proven before in statistical method that total number of losers in gambling is higher than the one who benefited in gambling, so any gambling websites most put a clause that they will benefit on it, so that's why I do tell people to make research of any site before they go into it.

It's actually important for gamblers to already accept the risk before involving themselves because lot of people think gambling is just place to come catch big fish and leave just as it's to someone who goes to River to fish and go home. People should make adequate research on how to site works before going into it to gamble and accept the fact that we winning and losing is sure but losing ratio is extremely higher.

Thats the fact, gambling is risk itself and I believe many gamblers understands this, once you have the mindset of putting your money in an uncertain stuff, you should have been aware that the move that you're considering to make is a risky one, anyone thinking that gambling is an avenue to make huge money easily doesnt understand what gambling is all about.
People just go into what they don't really know without getting a versed information about it because of how inquisitive they are to make money, many gambling companies has categorically stated it in their site that gamblers should gamble responsibly that's to say that there are things you must know before being a gambler, your risk level should be lesser despite how sure and tempting some odds seem to be, a gambler has to be discipline in other not to incur much loss, as for the losing aspect it is everly inevitable and I think it should be in the mind of gamblers at all time.

Yes you are right, discipline matters a lot because most gamblers doesn't discipline themselves on what amount or how they should go with gambling, they are always being carried away because of how they seen it to be as something they would generate additional income without knowing it's for entertainment purpose only. But at the point you gamble with very little amount and as same time entertaining yourself is more better and they wouldn't feel the bad side of it if they stake with amount they can afford to lose.

DaNNy001

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Quote from: Ruttoshi on August 15, 2024, 04:11:48 PM

I think that the casinos are offering cash out to limit their own losses should incase the game did not cut, for them to be at the safe side. This will enable the gambler to have a choice on either cashing out the amount offered or continue with his bet.

I would not say that casino has the interest of the gambler in mind because they don't care and would prefer that the gambler losses his bet. Otherwise, I would have said that they are giving you the cash out offer let it not be that your games that outcome came out as predicted was in vain.

Very correct, it's a strategy used by the bookmakers to reduces their losses, a lot of people have cashed out a game that turned out to be successful, but I think wether or not you decide to cashout the accumulative losses combined from different users gives them a lot of Profit, regardless of this they still want to make sure that they are making more than the users that are winning, this is actually one of the scam system of gambling, it was designed to take from people

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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?

Are you familiar with this program they called who want to be a millionaire? It's famous in almost countries with good TV programs. This is a place where you can become a millionaire answering questions and as you answer the questions correctly it get tougher to move to the more rank that has more money but you have an option to exit and cashout incase you are not sure about the answer and they give you the option to leave before reading the next question otherwise you will be stuck there and if you lose, you lose everything. The concept is similar to gambling.

If you are given option to cashout some money, the casino is been generous to you and they are trying to avoid you losing the opportunity and it could also mean that the casino are trying to avoid paying you more incase those games won but if you look at it more technically, it favours the players because how many people are really winning money from casino, it's the other way round.

betswift

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Quote from: Woodie on August 17, 2024, 09:46:37 AM

Quote from: Charles-Tim on August 15, 2024, 04:18:09 PM

Cashout or not cashout, the gambling site is still winning while most bettors are losing. I only guess the feature is available on the betting sites just to fool bettors.

This is the reality of gambling, with or without this feature the bookies still win no two ways about it!

But I guess the cashout feature is to allow players to get something out from a bad bet , the cashout feature can also be seen as a way to avoid paying out maximum payouts as gamblers get out what they can especially if cashout is generous..but in any case this should be seen as a feature to invite players to the platform as not every bookie has integrated this feature.

It's a feature that's there, but I agree with your first paragraph Grin

Even though it's beneficial for the common gambler, it's still not a sign of good will for the sake of it per se.

Fortify

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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?

In my experience all the cash out offers are bad - they're either giving you pennies back on the dollar when your bet is already on the way to losing (thus closing down any risk for the bookmaker and securing your money) or they are trying to get you to close a bet that is likely to pay off, while saving themselves a bit of money. It's actually a brilliant device for bookmakers, because individuals are rubbish at estimating risk and odds with the limited information available, however their analytical software is capable of making some pretty good assumptions that will either make them a guaranteed profit or cut losses early. The biggest beneficiary is the house, but gamblers could make some useful profits if they can read a game accurately and cash out before it flips.

Dr.Bitcoin_Strange

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Quote from: EarnOnVictor on August 16, 2024, 11:47:56 PM

people will, of course, prefer those who offer it especially when they have reasonable offers when you are winning. For instance, some bookies may offer to give you $850 at a point when the total winning may be about $1,000. Is that not fair enough?

I wonder why I should not take that offer if I bet only $350 for instance. And this is still your choice, you may wait till the end of the games to claim all, but most times in this situation, I go for the nice pay before the match ends, especially if the chance of winning is not so high.

Sure, some gamblers prefer bookies that offer cashouts because it's an advantage for them to take profit when all the selected games have not yet been played successfully, instead of risking waiting for all the games to play out when they are not sure if the last game will be successful or not.

In a few cases, I have heard stories and have also witnessed the experience of some gambler that had a cashout of above $2k while the potential winning was on the range of $5k. The guy refused to accept the cashout, and the bet was unsuccessful at the end. He regretted not cashing the first offer he got.

Personally, for me, I don't joke with cashouts; if the offered amount I see is quite tangible, I will just take it and leave or might end up using some of the money to restake on the remaining games.

GigaBit

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Cashing out seems to me to give gamblers an opportunity where the gambler can exit if he wants to. When a gambler is ahead to win it gives him the opportunity to cash out but it is less and when he loses then the gambler is able to withdraw his money through more losses. I never like to cash out in gambling because I have had past experiences where I felt that cashing out is a kind of loss for the gambler. However, since winning or losing in gambling is uncertain, we cannot guarantee any for sure. Moreover, when it comes to gambling, there is absolutely no chance for us to avoid risk. I have won many bets after cashing out to avoid losses. It is completely uncertain.

Distinctin

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Quote from: Saint-loup on August 17, 2024, 03:47:02 PM

For me it's a way to encourage people to bet more, by giving them a false sense of security, because in the long run they will at least lose the same percentage of their bankroll as without using the feature(and then a bigger amount if they wager more) and even more than that if the cashout option gives a lower RTP, which is rather common AFAIK. For example you can compare below the RTP you will get at a blackjack game(99.49%) by playing normally and the one you will get if you take the cash out offer(96.00%).

This is more reliable information. We talk with numbers here, and this hits the truth. Sometimes, we are too optimistic that we ignore reality, which is not good as it will only mislead us on our sports betting journey. Of course, bookies are there to give us fun with the betting odds, but we should not forget that their main goal is to be profitable, so anything they offer, including this cash-out option, has an edge for them. We might think we outsmarted them when we cash out, but in reality, we don’t because cashing out means you’re just minimizing your losses or potential wins.

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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?

You've answered that yourself in my opinion.
But let's talk about the “thinking of the casino” that offers that to its gamblers, honestly what is the background to such an offer.

As you said, it is possible that the casino does not want the bettor to get all the winnings, because in such bets the odds offered are very large, of course even with small capital you will get a big win, and trying to offer a withdrawal presentation before all bets are completed, a tempted gambler might take that percentage.

The second is flexibility, where the bettor has the right to withdraw even if the bet has not been completed completely to anticipate losses and get nothing when one of the bets afterwards loses, so in conclusion there are two negative and positive ways of thinking and make sense.

Saint-loup

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For me it's a way to encourage people to bet more, by giving them a false sense of security, because in the long run they will at least lose the same percentage of their bankroll as without using the feature(and then a bigger amount if they wager more) and even more than that if the cashout option gives a lower RTP, which is rather common AFAIK. For example you can compare below the RTP you will get at a blackjack game(99.49%) by playing normally and the one you will get if you take the cash out offer(96.00%).

letteredhub

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Quote from: AmoreJaz on August 15, 2024, 04:51:10 PM

Quote from: Tmoonz on August 15, 2024, 04:36:02 PM

I would say that one of the reasons why bookies allows cash out to gamblers is that they want to give gamblers the avenue or an assurance that they can have part of their potential winning even without waiting till the end of their games. I know of some people who got in to most of this gambling platforms simply because they have this cash out features hence it is another way of the betting company to increase the numbers of user in their platforms or betting sites. Moreso, it is also a way of the company to cut losses of paying in full in a situation where the game didn't play out completely.

I believe this option is a win-win situation for both sides. If the gambler changes his mind, he has option to withdraw via cash out option before the game finishes and for the side of the bookie, they won't pay the full amount if the gambler luckily won the bet. Well, let us put it this way, both sides have benefits on this option. I have selected such option also several times and I won't regret doing such. So for me, the bookie is just giving another option to the gambler, whether you will opt for it or not.

The win-win situation TBH appears to be unequal between the gambler and the bookies. They stand to reap more and this they know too well therefore leading to their initiation of the cash out feature into the system to reduce their losses in a bet they supposed to have paid out huge money if they were to pay in full amount to the last game in the bet ticket.

For instance, a gambler cashed out $100 on 3 different occasions in bets for which the total potential win is $1000 respectively. Unfortunately for him on the third ticket the games played completely as predicted but he has already made a cash out. The maths is that the gambler made $300 meanwhile he could have earned $1000 if he hadn't crashed out in the middle of the games, thereby losing $700 to the casino or gambling site. I have read many real life stories where gamblers cashed out a stipend for a bet he could have won millions if he was patient enough to have it all to the end of the games. Casinos uses this features to deny us of huge wins when they have a feeling that the game is going to play fine because they always have privy to upper level informations ahead of us before we do.

Promocodeudo

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Quote from: SmartGold01 on August 16, 2024, 03:11:30 AM

Quote from: GeorgeJohn on August 15, 2024, 04:42:56 PM

Quote from: SmartGold01 on August 15, 2024, 04:22:02 PM

Do you know that so far the numbers of people who are losing money in gambling is actually pretty much higher than winning and sincerely if this option isn't provided there could be declined

Analysis has proven before in statistical method that total number of losers in gambling is higher than the one who benefited in gambling, so any gambling websites most put a clause that they will benefit on it, so that's why I do tell people to make research of any site before they go into it.

It's actually important for gamblers to already accept the risk before involving themselves because lot of people think gambling is just place to come catch big fish and leave just as it's to someone who goes to River to fish and go home. People should make adequate research on how to site works before going into it to gamble and accept the fact that we winning and losing is sure but losing ratio is extremely higher.

Thats the fact, gambling is risk itself and I believe many gamblers understands this, once you have the mindset of putting your money in an uncertain stuff, you should have been aware that the move that you're considering to make is a risky one, anyone thinking that gambling is an avenue to make huge money easily doesnt understand what gambling is all about.
People just go into what they don't really know without getting a versed information about it because of how inquisitive they are to make money, many gambling companies has categorically stated it in their site that gamblers should gamble responsibly that's to say that there are things you must know before being a gambler, your risk level should be lesser despite how sure and tempting some odds seem to be, a gambler has to be discipline in other not to incur much loss, as for the losing aspect it is everly inevitable and I think it should be in the mind of gamblers at all time.

promise444c5

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Quote from: Woodie on August 17, 2024, 09:46:37 AM

Quote from: Charles-Tim on August 15, 2024, 04:18:09 PM

Cashout or not cashout, the gambling site is still winning while most bettors are losing. I only guess the feature is available on the betting sites just to fool bettors.

This is the reality of gambling, with or without this feature the bookies still win no two ways about it!

But I guess the cashout feature is to allow players to get something out from a bad bet , the cashout feature can also be seen as a way to avoid paying out maximum payouts as gamblers get out what they can especially if cashout is generous..but in any case this should be seen as a feature to invite players to the platform as not every bookie has integrated this feature.

Well each casinos knows how they do and run their things entirely,the setup used by A might be different from B... Thus, in my opinion I think the cash out feature is not for Bad bets but uncertain bets which are likely to still come out as profit but in a 50-50 chance, that's why the cash out might be very low compared to what to win... if its a bad bet they won't even open the feature. Besides, they aren't losing either you cahout or not if there's a win you get your reward, if there's not they get part of your reward (that's if you cashout) and if you won but already cahout they still have part of your reward so it a win-win for them .

GiftedMAN

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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?

Going with my own experience, I think cash- out in gambling is another way of reducing the potential amount of money to be won by a bettor by offering him a peanut as a tempting offer when there is a probability of a possibility win in the bettors running ticket.

Gambling companies do this to reduce reduce the possibility of bettors winning huge amounts because the amount to be cashed out is increased when there is progress in the running games.

It takes patience and courage for bettors to resist the urge to cash out when they are shown some reasonable amount has cash out so betting companies will always be at the winning side when the bettors who couldn't wait for all the games to end and be paid full amount takes part of the money as cash out.

Huppercase

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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?

There many reasons why Casino give cashout to gamblers but the major one is to favour casino from paying huge amount of money later when you win the bet. For example that you made, if you have 15 out 18 games played and your potential maximum profit if $2000, if you agree to cashout in 15 winning and let go of the rest games, they will offer you $400 in some cases or even lower, they are also betting on perhaps you will win so they can save up $1600 they will have to pay you when you win yhe total 18 events.

I don't care if I'm giving cashout or not but when I see uncertainty about my games, I do accept it because it's better for me to see my wager coming home than lose it without having another money to rebet. I gave lose 13/14 games one time and I had the option to cashout but I didn't because the amount was low but it's better I have money back than lose it all.

tread93

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Quote from: Ruttoshi on August 15, 2024, 04:11:48 PM

I think that the casinos are offering cash out to limit their own losses should incase the game did not cut, for them to be at the safe side. This will enable the gambler to have a choice on either cashing out the amount offered or continue with his bet.

I would not say that casino has the interest of the gambler in mind because they don't care and would prefer that the gambler losses his bet. Otherwise, I would have said that they are giving you the cash out offer let it not be that your games that outcome came out as predicted was in vain.

I agree I think that it is definitely to mitigate their own losses in the chance that these bets hit since such a large percentage has panned out their like “shit we better just pay this guy and bounce or else we will have to pay wayyyy more” lmao

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Quote from: Charles-Tim on August 15, 2024, 04:18:09 PM

Cashout or not cashout, the gambling site is still winning while most bettors are losing. I only guess the feature is available on the betting sites just to fool bettors. Cashout do not have any advantage for me at all.

The cashout is only existing in a way to make bettors to lose. On some gambling sites, before the match starts, you will be able to cashout. But not all your money that you will be able to cashout. If the club you bet on is winning, the cashout will be available in a way that you can not take all the winning. Cashout is rubbish and for the advantage of the bookies.

I just LOL, you can say it's a way to fool some gambler but I don't think it's to fool all gamblers. You are right that even with or without cash out option, the betting site still remains at top of the winning side.
Cashout is an option that allows the bettor to take a small percentage from the potential winning and from my own experience, it has benefited me severally, sometimes I will stake $5 and the potential winning could be $95 and after some leg has played successfully from my accumulator, my cashout could be $30-$50 and I will just take the cashout and leave. So, from my experience and in my opinion, I don't see it as being totally useless.

I know about a few people and have heard stories about some gamblers that had a huge cashout amount because their potential winning was really huge and so the cashout offer was significant too, some of this gamblers refused to accept the cashout and they still lose their bet, while some took the cashout and the game busted.

Charles-Tim

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Quote from: AB de Royse777 on August 17, 2024, 09:36:20 AM

Many times I cashed out and then found if I would not cash out then the slip would be lost and there are other times when I cashed out by panicking but then the slip was still a winner.

These have also happened to me before several times. But when I started using low amount of money to gamble, I stopped it.

Quote from: AB de Royse777 on August 17, 2024, 09:36:20 AM

Cashout is a good feature that benefits both the sportbook and the better.

I have many friends that are wasting money on gambling. They use the feature several times but they continue to lose money. We have even discussed it before few years ago that cashout does not worth it. But some people can have different opinion. Example is a match that is having 5 odds while only one match remains. If the person bet with $10 and want to win $100 but because it is remaining one match, the cash is around $60. That is helpful. But what that matters most is someone habit for gambling. If the person cashout the money but if he is an addict, he will still continue to lose money later. It may even be that day that the person will lose all the money.

Topic: Why do bookies allow cashouts? - page 3. (Read 1116 times)