Cash out on the exchange: the formula to lock in a result (even on a single outcome)

Cashing out means closing a position before the end with an opposite bet, so that the result is the same whatever happens. Many operators have a button that does it for you, but knowing the formula helps: to understand how much you are locking in, or to do it on part of a position or on a single outcome.

After a back bet: how much to lay

In profit. You backed 10 euros at 3.00 and the odds have dropped to 2.00. You lay 10 × 3.00 / 2.00 = 15 euros at 2.00:

• if the event happens: +20 from the back bet, −15 from the lay = +5 euros;
• if it doesn't: −10 from the back bet, +15 from the lay = +5 euros.

You have locked in 5 euros gross, a little under 4.80 net with 4.5% commission.

In loss. Same back bet, but the odds have risen to 4.00. You lay 10 × 3 / 4 = 7.50 euros: you lose 2.50 euros either way instead of risking 10. Cashing out at a loss recovers nothing: it limits the damage.

After a lay bet: how much to back

You laid 10 euros at 2.50 (liability 15) and the odds have risen to 3.20. You back 10 × 2.50 / 3.20 = 7.81 euros: if the event happens you make −15 + 17.18 = +2.18, if it doesn't +10 − 7.81 = +2.19.

With fixed stake steps

If the exchange only accepts stakes in steps of 0.50 euros, like Betflag's, 7.81 becomes 8.00 and the two cases are no longer identical: +2.60 if the event happens, +2.00 if not. That's normal: the nearest step leaves a small difference between the two outcomes.

Cashing out a single outcome

When your position spans several outcomes, for example a dutch on 1-0, 2-0 and 2-1, you can close just one of them. For that outcome, look at what it is worth if it comes in (won) and if it doesn't (lost), and lay the difference:

Example: on 1-0 you have 8.50 euros at 7.00, so it is worth +51 if it comes in and −8.50 if it doesn't. Now 1-0 can be laid at 5.00: (51 + 8.50) / 5 = 11.90 euros. Afterwards, 1-0 is worth +3.40 euros whether it comes in or not, while 2-0 and 2-1 stay exactly as before. With 0.50 steps you lay 12.00 euros: +3.00 if 1-0 comes in, +3.50 if not.

If the outcome is worth more when it doesn't come in (won lower than lost), do the opposite: back the difference at the back odds.

Automatic button or manual maths?

The operator's cash out button does the same maths at the best available odds and closes the whole position on the market. Manual maths is useful when you want to close only part of it or a single outcome, or when you want to know beforehand how much you would lock in. In the OraGol PRO Exchange extension you have both the market cash out and an "outcome cash out", which works out by itself how much to lay or back to close a single outcome; the order is still placed only with your confirmation.