How Cash Out has caught the imagination of football fans

How Cash Out has caught the imagination of football fans

Tuesday, March 8, 2016 Totally Gaming
Leicester City have shocked football by leading the Premier League table with just nine games remaining

Cash Out has been a major talking point among sports fans in the UK this week following a series of high-profile pay-outs to punters who backed Leicester City to win the Premier League at the start of the football season.

The club were widely available at 5,000-1 to claim the title back in August, having narrowly avoided relegation last season, but are now five points clear at the top of the English league with just nine games remaining.

The national media in the UK has reported on a number of bettors who backed Leicester and must now decide whether to retain their faith, or take a lower guaranteed cash offer.

One of the biggest reported pay-outs so far was to a William Hill customer, who bagged £29,000 on Monday, and Joe Crilly, a spokesman for the operator, said that the interest in ante-post bets on Leicester had created unprecedented interest in the Cash Out facility.

“This Leicester story is certainly the most high-profile event in the Cash Out era,” he told TotallyGaming.com. “Having said that, at present we have only had the one punter cash out.

“The biggest event from a financial point of view was in March 2015 when nearly £1m was cashed in as Chelsea, Everton Manchester United and Barcelona won, while Bayern Munich lost to Borussia Monchengladbach.

“Cash Out is a huge part of William Hill’s offering. Since its induction at the tail-end of 2012 customers have cashed in over 10 million bets totalling over £250m.”

William Hill said it had taken 25 bets at 5,000-1 on Leicester, while rival Ladbrokes this week paid out what it called “an industry record cash out” of £72,000 to a punter who had placed a £50 bet. 

Cash Out has certainly developed in the five years since it first started to become widely available through sports books, with partial cash out also added to the offering more recently.

Crilly said that the facility offers an added level of excitement for punters, with the honours pretty much even as to whether the customer or operator benefits financially.

He said: “You are always going to have people with nerves of steel or traditional punters who are going to ignore Cash Out whatever happens. Other people now place bets with the sole purpose of turning a small profit, cashing in as soon as their potential return outweighs the amount they have staked.

“Some punters have become more emboldened in their punting knowing that they can employ Cash In My Bet in order to minimise losses on bets that would otherwise return nothing or cashing in on bets that go on to be losers.

“Obviously there are those that also cash in winning bets for less than they would get if they had held on until the end of the event so you could argue that the impact of cashing out is negligible for us bookies and predominantly a benefit for punters.”

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