Cashing out your bets gives you the chance to take control of your money mid-game and cut your losses or lock in your wins. Some bettors use it regularly as part of their betting strategy and can take advantage of the fluctuations in the live odds to seize worthy offers during a game, and mitigate their chances of losing.
DraftKings Sportsbook has an elite cash out tool, that provides generous offers on your ongoing bets. Just like the odds and the betting lines at DraftKings, you can expect quality offers during a game, but you have to be ready to make swift decisions. Here, we will look at the perks of the DraftKings cash out feature, its few shortcomings, and where you can apply it to get better control over the outcome of your sports predictions.
How Does DraftKings Cash Out Work
Cash out refers to ending your bet early, and settling for the offer that the sportsbook provides at the time of cashing out. The basic principle is that after you have bought your bet, you can sell it back to the sportsbook during the game before the bet settles. Should your bet be in a winning position at the time when you sell it back, the offer will be high, close to the full potential returns you would get if you left the bet to settle at the end of the game.
However, if your bet is in a losing position, then DraftKings will offer you only a small portion of the cash out. Most likely, this amount will be less than your starting stake – but looking at it from a positive angle – at least you can cut your losses and save some money.
DraftKings does not offer cash out on all its betting markets, it mainly depends on the nature of the bet. If you were to place bets relating to the game as a whole, such as moneylines, point spreads, and totals, you would most likely have a cash out option attached to these bets. It does not matter whether your bet was placed before the game (pregame wager), or even mid-game. Say you were to place a bet on the total points, 10 minutes after a game started. DraftKings could offer you a cash out bet on that wager, which you can make use of 10 minutes later if you wanted.
The DraftKings cash out is offered on appropriate pregame and live bets, both with straight bets and even DraftKings parlay wagers. The exact offer depends on how likely your bets are to win, but be careful. Especially in parlay bets, if there is one leg that looks set to lose, this will drag the parlay cash out offer down significantly. Here are some markets that you may be able to cash out:
Pregame Bets
Moneylines, point spreads, totals, quarters/halves, a few player/team/game props bets
Live Bets
Live moneylines, live point spreads, live totals, very few props bets
Futures
Outright champions, division/league winners, make the playoffs, and place bets (finish in top 3, 4, etc)
The standard betting markets almost always have cash out offers, but the same cannot be said for other betting markets. Player bets and game props for the most part don’t have cash out options, unless otherwise indicated. Also, among the futures bets, player awards, MVP, coach awards and other more “niche” wagers may have no cash out option.
Among live bets, you will generally find cash out on the standard betting markets, but not much else. DraftKings is one of the best sportsbooks for Live Flash Bets or bets that are based on what will happen in the next few minutes of the game. These do not have cash out options, but that is understandable as they can settle within minutes. By flash bets, we mean the following types of live bets:
- Will the next play type be a run or pass
- Next drive to cross the opponent’s 35-line
- Will the next drive result in an offensive score
Here is a run through of our assesment of the DraftKings Cash Out function.
| DraftKings Cash Out Function | |
|---|---|
| Pros | Cons |
| Easy to Access on Desktop and Mobile Apps | No Icon to Show Which Markets Have Cash Out and Which Don't |
| Generous Offers | No Partial Cash Out Option |
| Available on Pregame and Live Bets | Not all SGP and SGPx Come with Cash Out Functions |
| Offered for Parlays, SGP* and SGPx* | Bonus Bets Cannot Be Cashed Out |
When Does DraftKings Offer Cash Out
At any time during a game you can open the My Bets section in your account, head to the Cash Out tab and see how much you can cash out your bet for. Cash out offers are provided throughout a game, though there may be periods when the market is suspended as something momentous has happened in the game. In NFL games, this could be after a team scores a touchdown, before a safety kick, or right after a big drive. The cash out offer needs to be recalculated in regard with the most recent play, and for a few seconds, you won’t be able to cash out your ongoing bet.
But this only takes a few seconds, and then the cash out offer will pop up again, updated to reflect what has happened in the game. It is important to note that DraftKings offers cash outs on single bets, parlays, and wagers placed both before the game (pre-game wagers) and during a game (live bets).
DraftKings does not offer cash out on any wagers placed using bonus bets. Cash out offers generally are provided throughout a game, but you have to be quick with your decision making. In the last minutes of the game, when it seems like the bets have all but concluded, you may not have any more cash out offers.
If the cash out offer does not appear, it may be because of the following:
- The market is temporarily suspended after something important happens in the game
- You used a bonus bet to fund your wager – you cannot cash out this bet
- Your bet does not have a cash out function – you will not receive any offers
- The game has nearly ended – DraftKings will not offer you a cashout if there are only a few minutes left in the game
Which Markets Have Cash Out and Which Don’t
Some bets naturally don’t have a cash out option. This is because there is no way to track whether the bet is close to winning or not, or is too specific for sportsbooks to really offer you a cash out. For instance, if you make an NBA bet on “first team to reach X points”, these types of props bets generally don’t come with cash out options.
Here are some typical markets that generally come with cash out features:
- Moneylines
- Totals
- Spreads
- Quarters/Halves/Periods Moneylines, Spreads, Totals
- Double Chance
- Correct Score
- Winning Margin
- Team Totals
Players bets and props can come with cash out features too, but it depends on the bet. You should take care to mind SGP and DraftKings SGPx bets, as sometimes DraftKings will not offer cash out functions to these bets.
One thing our testers had to points out that while the DraftKings cash out function works like a charm, the sportsbook could be more transparent about which bets have cash out and which don’t. For example, at competitors such as FanDuel and Caesars, there are small icons to indicate which betting markets have a cash out feature and which do not.
Cancel Bet or Cash Out at DraftKings
Most online sportsbooks do not allow you to cancel a bet, only under specific conditions. At DraftKings, FanDuel, Caesars, and so on, bet cancellation is very rare. Once a bet is confirmed, generally it is near impossible to rescind it. However, the sportsbook may offer you a cash out offer before the market goes live.
In that case, you can cash out your bet and get your money back, but this is not something you should rely on. Cash out can be used to cancel your wagers, but you should note that on some occasions, DraftKings will not offer you a cash out option on your confirmed bet until the game has begun. But if the game goes live, you can make a quick cash out, and hopefully, get most of your stake back.
DraftKings always asks you to confirm your bet before it is accepted. Make sure you review your slip before confirmation, as it is difficult to cancel your bet. In the worst case scenario, you may get offered a cash out and can salvage your staked money.
DraftKings Partial Cash Out
There is much to like about the cash out DraftKings feature, but it also has a few shortcomings. The most notable of which is that DraftKings does not have partial cash out. You get one cash out offer on each ongoing bet, and you can either take it or leave it. This is quite disappointing, especially as DraftKings Sportsbook’s great rival, FanDuel, has a partial cash out feature.
On the plus side, the DraftKings cash out offer is generally a lot better than you can get at other sportsbooks. DraftKings has low juice on its wagers, and the same can be said about its live betting odds and cash out offers.
Cash Out on the DraftKings Sports App
Starting with the basics, you will need to have speedy access to your DraftKings betting account during a game, and a keen eye on the game itself. Having the DraftKings mobile app downloaded on your phone is not a must, but we would heavily recommend anyone who wants to place live bets or cashout to have it. Through the DraftKings sports app, you can open your bets and view the cashout offer in seconds. Timing is crucial, as a matter of seconds can make a tremendous difference between what the sportsbooks may offer on your running bets.
The cash out offer will be suspended several times during a game, just like the live betting markets. This happens when something important is happening that can affect the outcome of the game, for example during a drive in a football game, or when a team breaks on the counter in soccer. During those seconds when the offensive team scores a touchdown (or a goal in the soccer game), the cash out offer will be put on hold.
If the offense results in a touchdown, the cash out offer will be recalculated based on the new scoreline, and the offer will change drastically. If the offense did not amount to anything significant, the cash out offer will come back after the brief pause, and while the offer will have changed, it won’t be as much as if the team scored.
Timing is key to cashing out, and you will need the DraftKings mobile app to cash in on offers that will only be available for a precious few seconds.
DraftKings Cash Out Strategy
First, we have to point out some of the cash out conditions, asides from the ones we have mentioned before (betting market specifics). Cash out is not offered on any bets that were made using bonuses. Especially if you have a DraftKings bonus bet, you will not be able to cash out the bet. Also, if a game is postponed or delayed, you will not get any cash out offers (unless these are offers made before the game – in this case you can use cash out to “cancel” those wagers if needed).
Not all cash out strategies refer to bettors watching games and waiting to pull the trigger. It is good to have the option, but tracking the odds like a crypto day trader is not really the best way to use the cash out tool. Instead, keep an eye on the game and use your sports knowledge to know when cashing out is the better option.
Live Betting DraftKings Cashout
For example, let’s say an underdog goes 1-0 up in a soccer game where you bet on the favorite to win. By watching the game and looking at the players, you may feel like the favorites are just not in it and can’t overturn the result. The sportsbook, which calculates live odds using historical data and live statistics, cannot really see those finer aspects, as it is designed to crunch numbers based on numbers. You decide to cash out while the offer is still high, and cut your losses.
Alternatively, you bet on the underdogs to win mid-game when they are 1-0 up. The favorites attack relentlessly, and as the clock ticks down, your cash out offer grows. Right after the 80th minute, when the attacking team substitutes their best forwards onto the field, you cash out your bets. This is because you can see that the defense is tired and the fresh players will be able to break through and create a few chances. Once again, you are making a decision based that also factors in aspects of the game not based in stats. The odds-calculating software does not see that, it is calculating the odds based on shots, possession, bookings, and so on.
Futures DraftKings Cashout
But cashing out is not merely a tool for live games only. You can also get good cash out offers on futures bets. For example, you could hedge bets on the Dodgers, Yankees, Phillies and Mets to win the next MLB World Series. The odds at the start of the season are long enough to win you money if any of your chosen teams win. Half a year later, all 4 teams have qualified for the Playoffs, and now your futures bets have generous cashouts that you can trigger.
In the best case scenario, you would make a small profit on all 4 bets, and wouldn’t have to wait for 1 of the 4 teams to win, but you can make a profit on the basis that they all achieved the playoffs. There are lots of different types of betting strategies that involve futures and cash out tools.
Does DraftKings Offer Cash Out on Bonus Bets?
One of the most common questions we see get asked surrounding the DraftKings cash out feature is if they offer cash out on bonus bets. Well, the simple and quick answer is, no. We suggest if you are creating a parlay, that instead of adding that last leg, just cash out if all of the other legs have hit so you get something back.
Ultimately you have to think of bonus bets as not real money, so it cannot be withdrawn. There is nothing tangible about a bonus bet in terms of cash in your account.
DraftKings Alternative Cash Out Sportsbooks
DraftKings has great cash out offers, and the fact that it stretches out to parlay wagers, live bets and even futures is fantastic. The betting app is easy to set up, and you can access your cash out offers within seconds, the ideal tool for live betting and cash out strategies.
However, the only snags are that DraftKings cashout does not have a partial cashout feature, and it doesn’t show you which markets have cash out and which don’t. This would allow you to cashout a portion of your ongoing bet, and leave the other portion running. It would take your cashout strategy to another level, but unfortunately, DraftKings does not have this feature. However, there are alternatives to DraftKings should you want to try using partial cashout features. We always recommend players to do their research and discover every single aspect of a sportsbook before signing up.
At BettingTools we have tested all the major betting platforms in the US, and the sportsbooks below are the best of the bunch. They all provide live betting markets and the option to cash out, with bespoke mobile betting apps to bring the most out of your cash out options. Feel free to read our reviews about these platforms or follow the links and check them out for yourself.
