Smarkets Trade Out Button
December 17, 2018
You’ll be aware that some bookmakers offer a cash out option for bets which allows customers to end their bets early before the event has finished. Some betting exchanges such as Betfair Exchange and Smarkets also provide this option, allowing you to lock in profits or minimise losses at any time prior to your bet being settled.
Using the cash out option on bookmakers websites is a popular feature but is generally poor value given that bookmakers take a cut of the payout and you may be better off laying your bet should you want to end it early. However, cashing out your lay bets on betting exchanges does have its uses.
One of the main uses of the cash out feature, or ‘trade out’ as it’s called on Smarkets, when matched betting, is for offers such as Bet365’s early Payut offer or Paddy Powers 2 Up offer. With these offers, both Bet365 and Paddy Power will settle your bet as a winner if the team you backed go two goals ahead at any point in the match. If you’re matched betting this offer then you will have also layed your bet on a betting exchange and so when your bookmaker back bet has been paid out as a winner, your lay bet with the betting exchange is still running. If your qualifying loss is £0 then anything you can cash out from your lay bet is profit!
How to cash out on Smarkets
When available, you’ll see the green ‘Trade Out’ button next to the market on which you bet on. Simply click the button and you have the option to confirm the cash out at the given price.
You can trade out on both pre-match and in-play bets. If you’re using the trade out feature during play, there will be an 8-second delay before your trade out is confirmed. This is to ensure that there is adequate time to suspend the trade out if the market is suspended for events such as a penalty, goal or red card.
If your initial bet on Smarkets was a lay bet then the trade out feature works as if you were to place a back bet on the same selection and vice versa. The feature simplifies things and eliminates the need for any calculations.
Using the bet above as an example, after clicking on the Trade Out button, it displays ‘BUY £48.99 at 4’. This means that we will be effectively placing a back bet of £48.99 at odds of 4.0. As we have already placed our lay bet, we won’t need this amount of funds in our Smarkets account as our back bet will be offset against our lay bet.
Once you have confirmed your trade out, you will see a confirmation message that your bet has been fully matched. In order to successfully trade out a bet, there must be enough liquidity in the market. If you are trading out in-play, the odds may fluctuate frequently along with the liquidity and so you may have to be quick in confirming your trade out after initially clicking on the button in order to trade out at the price you have been given.