Betfair Exchange Launch Auto Cash Out Feature
March 1, 2018
Betfair have decided to release a new ‘Auto Cash Out’ function for all UK and Irish members of their betting Exchange. This an exciting new feature that will allow their users to essentially secure a profit automatically while an event is ongoing, which will provide some great money making opportunities.
Normal cash out is a great feature itself that is extremely popular with many punters and has been available for a while. It allows people to either take an early profit if it looks like the selection is going to win, or minimise losses if it looks like the selection is going to lose. With the normal cash out, Betfair provide a cash out value that is calculated in real-time and while the event is ongoing you can choose whether or not to take that amount.
This new ‘Auto Cash Out’ feature is different though, as you can ensure a profit from your exchange bets without even having to log in to Betfair while the event is ongoing. You will be able to set up an active cash out position before the event starts. In simple terms, you can enter an amount of profit you would be happy with and if the cash out amount reaches that number at any point, your bet will automatically be cashed out and you will earn the profit.
So, after you have placed your bet on the Betfair Exchange and it has been confirmed as matched, there will be the option to create an Auto Cash Out for eligible markets. Set your own cash out profit level and lock in a cash return for your bet.
There is also the option to press the drop down next to the normal cash out button where you will be given the option to set a profit level to use the Auto Cash Out feature for. This profit level can be anything between the current cash out figure and the maximum amount of profit on that selection.
Then, press the save button and if the cash out amount reaches the Auto Cash Out figure you have set up, Betfair will automatically cash out the bet for you and credit your account with the profit. Don’t worry if you want to cancel the Auto Cash Out if you have changed your mind, as you can press the ‘Remove’ button and the Auto Cash Out will be cancelled.
This is really exciting for punters from the UK and Ireland. Regarding the reason for launching the new feature, Betfair said that they were looking to bring flexibility for their customers on the Exchange as well as changing the cash out game.
Speaking to SBC, a representative of Betfair stated;
“Betfair consistently strives to bring products to our customers that improve their experience and give them as much control as possible over their bets.”
“Auto Cash Out allows customers to choose the profit they’d like to make ahead of the event and we ensure their bet is ‘Cashed Out’ when their selection hits a price that locks in their chosen profit. It’s perfect if a customer thinks their horse will have a fast start but won’t last the distance, or their team has a tendency to throw away a lead.”
The feature was trialled very successfully with selected Exchange users in the UK and Ireland and has now been launched to all users in those countries.
What is the Betfair Exchange?
- A betting exchange allows members to bet against each other rather than a bookmaker. Users can offer odds to, or request odds from, fellow users.
- Therefore, Betfair provide the platform for their users to match bets against each other.
- There is the option to place a back bet, which is betting on a selection to win or a lay bet, which is betting on a selection not to win.
- Betfair Exchange was launched in 2000, which completely changed the game. The launch allowed matched betting techniques to come to the fore.
- There are no fixed odds, and with users betting against each other it creates a lot of competitive markets across the board.
- Betfair merged with popular Irish bookmaker Paddy Power in 2016, with the company listed on the London Stock Exchange. This merger has helped take them to the next level.
- As well as the Exchange, there is also a very popular Sportsbook on the Betfair website.
- The site is available in a number of languages, including English, French, German, Italian, Spanish, Russian, Portuguese, Polish and Chinese among others.
- Betting exchanges make their money through charging commission. With Betfair, their commission rate is 5% on any winning bets. Users do not pay commission on losing exchange bets.
Matched betting with Betfair
As matched bettors, we like to talk about Betfair in relation to using their betting exchange to lay our bets off, and their existence has been crucial for matched betting as a whole.
For the majority of matched betting offers, using Betfair exchange is good for a variety of reasons. As the biggest name in the betting exchange world, they have the largest number of users, which means that you are likely to find the most liquidity on the majority of markets.
They also have a lot more markets listed than their main competitors such as Smarkets, Matchbook and Betdaq, which is crucial when finding a good match for a selection that may be deemed as obscure. They have a higher commission rate than Smarkets, but sometimes they offer special discounts, such as the recent promotion of 2% commission on Premier League Match Odds markets.
The current welcome offers for Betfair offer great money making opportunities too. On the Betfair sportsbook, you can get up to £100 in free bets when you place £250 worth of bets. MatchedBets.com have a step by step guide showing you exactly how you can make an expected profit of around £68. On the Betfair Exchange, you can get a £20 free bet if your first bet on the Exchange loses. The free bet could then be turned into a profit.
Reasons to use Betfair Exchange
- More markets than their closest competitors
- They often have more liquidity for each market
- Excellent support options including email, live chat and telephone
- Fast deposit withdrawal times
- Great welcome offers
With MatchedBets.com you can benefit from most bookmaker promotions. We have step by step guides for each, showing in detail how you can make an expected profit through matched betting techniques.