Do you remember when once you had placed a bet on a market, that was it until your bet was a winner, or a loser? Back in those days, players had to place their bets and then sit back and twiddle their thumbs, even if they began to feel that maybe their bet should have been slightly different.
This was tough, especially on parlay bets where you could be waiting on one or two results to see if you had landed a winner, but were perhaps regretting the last couple of selections you made as you feel they could jeopardise your bet.
Back then, punters didn’t have any options. You made your bet and you accepted the consequences of what happened. Nowadays though with sites like BetMGM Sportsbook, punters have a lot more flexibility when betting.
Ostensibly, that is down to two useful features on the BetMGM site which we are going to look at in a bit more detail in this article. The Cash Out service and the Edit My Bet feature.
Authorized by the Pennsylvania Gaming Control Board. You must be 21+ years old and physically located in Pennsylvania to wager. Gambling Problem? Call 1-800-GAMBLER
BetMGM’s Cash Out Service
For some straight and parlay bets, BetMGM allow customers to Cash Out their bet before the end result of the bet has been determined. When you Cash Out a bet early, you will accept the site’s offer to settle your bet and that cash amount will be added to your account and your bet will end.
You will not receive any extra money, even if your original bet then goes on to be a winner. However, nor will you lose any more money should the original bet be a losing one.
Cash Out can be used in three different ways:
- To protect any winnings you may have on a bet ahead of the final result being decided.
- To minimize losses you may incur from a losing bet.
- To return the funds from a cashed out bet to your account.
Not all bets are eligible for Cash Out offers but those that are will have an offer from BetMGM on what you can cash out for. The amount that is offered will be determined by how likely your bet is to win.
So for example, say you have picked a 10-team NBA parlay bet and 9 of the 10 teams you have selected have won and you are just waiting on the outcome of one game and your selected team are favorites to win that game.
In this example, you would receive a higher Cash Out offer from the betting site as your bet stands a very good chance of success.
However, if only 5 of your selections have won, and you have five remaining and a couple of those are long-shot selections, then you will find the Cash Out offer is nowhere near as high as your bet still requires a lot to happen in your favor for you to win.
In terms of when your bet looks likely to fail, Cash Out can be a way to mitigate a loss. For example, say you back the Brooklyn Nets to beat the Los Angeles Lakers and at half time, the Lakers lead by 16 points. You will find your Cash Out offer from the site is much lower than your stake, but if you cash out, you don’t at least lose all your stake should your bet go on to lose.
So Cash Out is a judgment call option for players and using it prudently is important. Cash Out at the wrong time and it can be costly, Cash Out at the right time and it can save or win you cash.
Any bet that can be Cashed Out can also be subject to the other big feature for punters and that is explored in more detail below.
BetMGM’s Edit My Bet Feature
We now know that the Cash Out option is only available on some bets at BetMGM Sportsbook, but for those bets on which it is available, there is another exciting feature players can use on their bet. That is the Edit My Bet feature.
With this option, you can go to any bet that offers a Cash Out option and which has unsettled selections meaning that the outcome of the bet has not been determined, and then edit the selections that are not yet decided on that bet.
So, if for example, you have placed a four team NBA Parlay and the two games you selected that started in the early evening have been played, you could use the Edit My Bet feature to alter the remainder of the bet, if the evening selections on your original bet have not been completed.
Editing your bet is easy. Simply head over to the My Bets section of the site and where the Cash Out and Edit My Bet options are available for one of your bets, click on that bet and you will enter the Edit Mode, which will allow you to alter your selections.
You can alter four aspects of a bet using Edit My Bet:
- Add a Selection – Add a further selection to your bet for a fixture yet to be played.
- Swap Selection – Don’t like the look of one of your selections? Then swap it out for a different one that you do like the look of!
- Remove Selection – Don’t like any options available? Then remove a selection from your bet.
- Increase Stake – Confident the remainder of your selections will be winners? Then you can increase your stake to increase your return.
Both the Cash Out and Edit My Bet features at BetMGM Sportsbook are excellent additions to the site which enhance the betting experience for customers a great deal. Both offer customers a lot of flexibility when it comes to their bet and allows customers to control their betting a great deal more.
Of course, both services should be used wisely. It can be costly cashing out a bet early that goes on to be a winner and similarly, you don’t want to edit a winning bet into a non-winning bet, but the fact customers have access to both services on a large number of popular bets is great news for punters at BetMGM.