What Is Cash Out?
Cash Out is a one-click feature that lets you close an existing bet (or set of bets) before the event resolves. Once you click Cash Out, Betfair calculates a single payout based on the current market state — that payout becomes your settled return, regardless of who actually wins.
Behind the scenes, Cash Out is a one-click hedge — Betfair places the opposite bet at current market prices for you, and pays you the locked-in net. It's the same mechanic experienced traders execute manually as a "green up". The difference is convenience vs price.
Cash Out is available on most Sportsbook bets and on Exchange bets in markets that support it. Not every market has Cash Out — typically only major sport markets with active in-play prices.
How the Calculation Works
The Cash Out figure shown to you is calculated as: (your projected profit if selection wins) × (current implied probability) − (your stake at risk if selection loses) × (current loss probability). Betfair adds a small margin to this calculation — call it the "Cash Out spread" — so the price you're offered is slightly worse than a true market hedge would be.
For Exchange bets specifically, Cash Out matches against the available counter-side liquidity at current prices. This is essentially the same as you placing a manual lay (or back) at current prices, but Betfair handles the calculation and execution in one step. For Sportsbook bets, the offered Cash Out figure is purely Betfair's calculation — there's no Exchange backing it directly.
The Hidden Cost vs Manual Green Up
Here's the part that matters: Cash Out costs you 1-3% of the locked-in profit compared to a manual green up. The reason is the small margin Betfair adds to the calculation.
Original bet: Back £100 of a horse at 5.0. Liability £100. Profit if it wins: £400.
Current price: Horse now 2.5 (price has shortened). The market wants to lock in profit.
Manual green up: Lay at 2.5 for £200. Locks in £100 profit either way (before commission). After 5% commission on net profit: £95.
Cash Out: Betfair offers £92.50. The £2.50 difference is the Cash Out margin.
Cost of convenience: roughly £2.50 per £100 of locked profit = ~2.5%.
Over a year of weekly hedge clicks, Cash Out costs a typical user £200-£600 more than manual green ups. For traders, this matters. For casuals, the convenience is worth the spread.
Understanding this cost is why Green Up explained is essential reading for anyone trading more than once a week. The manual hedge skill is one of the highest-ROI things a serious user can learn.
Partial Cash Out
Partial Cash Out lets you take some of the locked-in figure and leave the rest of the bet running. Useful when you want to bank certainty for some of the position while keeping upside on the rest.
Example: back £100 at 5.0; price moves to 2.5; cash out 50% to lock £46 and let the other £50 stake run for the full result. Detailed in Partial Cash Out: strategy.
Auto Cash Out
Auto Cash Out lets you set a target value — for example, "Cash Out automatically when value reaches £150". Once the market reaches that price, Betfair triggers the cashout without you having to click. Useful for set-and-forget hedge management.
When to Use Cash Out
- Casual users without trading software. Cash Out is faster than calculating a manual lay/back stake.
- Quick decisions in fast in-play markets. Football minute-by-minute swings or tennis tiebreaks.
- Multi-leg bets (Sportsbook). Cash Out is the only way to close out a 3-fold or 4-fold accumulator early.
- Mobile traders. One-tap close beats trying to compute manual hedges on a phone.
- Sleep / break management. Auto Cash Out triggers without your attention.
When to Avoid It
- Active trading with a calculator. Manual green up is 1-3% more profitable per trade. Over volume, that's significant.
- Large positions. The Cash Out margin scales with stake. £20 cost difference per trade isn't worth ignoring.
- Markets with thin liquidity. Cash Out estimates can be unreliable when liquidity is thin.
- Pre-event positioning where you want to hold. Don't let Cash Out tempt you to close winning positions early. Discipline beats convenience.
Sportsbook vs Exchange Cash Out
Sportsbook Cash Out is calculated entirely by Betfair. The figure you see is a purely internal projection. Sportsbook Cash Out is more "generous" with marketing-friendly numbers but less mathematically accurate to actual market value.
Exchange Cash Out matches against the live order book at the current prices. The figure is more reflective of actual market value because it's hedged against real Exchange counter-positions. Read Sportsbook vs Exchange: when to use each for the broader comparison.
Worked Examples
Pre-match: Lay £100 of Draw at 3.50. Liability £250.
30 min, 1-0 first goal: Draw drifts to 5.00. Cash Out shows £33 profit.
Manual hedge: Back £70 at 5.00, locks in £35.71 either way.
Cost difference: ~£2.71. For a casual: take Cash Out. For a serious trader: do the manual hedge every time.
4-fold acca: £20 stake at potential odds 25.0. Three legs already won. Final leg: City to win at 1.5.
Cash Out offered: £210.
If you let it run and City win: £500 (£480 profit).
If City lose: £0.
Cash Out gives certainty of £210 vs 67% chance of £500. Mathematically, expected value of letting it run is ~£335 — better than Cash Out. But variance is real and the £210 may be worth the certainty for the user.
Cash Out Cluster — Full Index
Related Reading
- Green Up explained
- Swing trading
- Hedging on Betfair
- Sportsbook vs Exchange
- How to read the Betfair market
- Commission explained
- Trading calculator
Cash Out costs 1-3% per click vs manual green up. Use Cash Out as casual convenience, but learn the green-up calculation if you trade weekly.
Green Up Guide Open Betfair Account →Frequently Asked Questions
Is Cash Out always available?
No. Cash Out requires sufficient market liquidity and active in-play prices. Some markets and bet types don't support it (e.g., some BSP-only Sportsbook bets).
Does Betfair charge commission on Cash Out?
The Cash Out value already accounts for commission. The "spread" Betfair adds is separate from commission, embedded in the calculation.
Can I use Cash Out on multiple bets at once?
Yes. The "Cash Out All" button closes every open Cash-Out-eligible bet at current prices.
Why is the Cash Out figure changing?
Cash Out updates in real-time as Exchange prices move. The figure you see is the value at this exact second; click delays of even a second can change the number.
Should I use Cash Out for matched betting?
No. Matched betting requires precise lay calculations. Cash Out's hidden margin would eat your edge. Always use manual lays for matched betting.
Cash Out can become a gambling habit — closing winning positions too early or chasing losses by avoiding the cap. The discipline of pre-set targets and stops still applies. BeGambleAware.org if betting is causing distress.