When you make a wager with a bookmaker and win, the natural inclination is to want to collect your winnings as soon as possible. After all, that’s the reason you placed the bet in the first place, right? To win money?
However, before you can cash out your free bet winnings, there are a few things you need to know. Read on as we discuss what those things are so that you can be confident about how to proceed when it comes time to collect your hard-earned money.
Knowing The Odds
The first thing you need to be aware of is the odds that were associated with your bet. Different bookmakers will offer different odds on the same bet, so you must know what those odds were when you placed your wager. The reason this is important is that the amount of money you stand to win is directly related to the odds. You can even use OddsMonkey’s odds matching tool to get ahead. For example, let’s say you bet $100 on a horse race where the odds are 2-to-1. If your horse wins, you would collect $200 from the bookmaker ($100 x 2 = $200). However, if the odds had been 1-to-2, you would only win $50 ($100 x 1/2 = $50). So, as you can see, it’s important to know the odds before you place your bet.
Another thing to be aware of is that bookmakers will sometimes change the odds after a bet has been placed. This is called “odds manipulation” and it’s something that bookies do to protect themselves from losing too much money on a single bet. For example, let’s say there’s a horse race with 10 horses and one of those horses is a clear favorite to win. Odds are initially set at 1-to-2 for that horse to win. However, as people start placing bets on that horse, the bookie may change the odds to 1-to-3 to offset the risk of having to pay out a lot of money if that horse does win the race.
So, what does this have to do with cashing out your free bet winnings? Well, if you place a bet and then the bookmaker changes the odds, you may not be able to cash out your winnings until after the race is over. This is because the new odds may be less favorable than the ones you originally bet on, which means the bookie would lose money if they allowed you to cash out immediately.
- For example, let’s say you placed a $100 bet on a horse at odds of 1-to-2. Then, after you placed your bet, the bookie changed the odds to 1-to-3. If you were to try and cash out your winnings immediately, the bookie would only pay you $66.67 ($100 x 1/3 = $66.67).
- So, as you can see, it’s important to be aware of the odds before you place your bet as well as how those odds may change after you’ve placed your bet. Otherwise, you may not be able to collect all of your winnings.
What Happens if I Lose?
Of course, there’s always the chance that you could lose your bet. If that happens, you won’t be able to cash out your winnings. However, you will still be able to use any remaining balance in your account to place another bet. For example, let’s say you have a $100 free bet and you use it to bet on a horse at odds of 1-to-2. If you lose that bet, you’ll still have $50 left in your account ($100 x 1/2 = $50). You can then use that $50 to place another bet.
Free Bet Rules and Restrictions
Now that you know how to cash out your free bet winnings, there’s just one more thing you need to be aware of before you start placing your bets. And that are the rules and restrictions associated with free bets. Each bookmaker will have its own set of rules and restrictions, so you must read and understand those before placing your bet. For example, some bookmakers will only allow you to use your free bet on certain types of bets, such as horse racing or football. Others may put a time limit on how long you have to use your free bet. And still, others may require you to roll over your winnings a certain number of times before you can withdraw them.
So, before you place your bet, make sure you understand the rules and restrictions associated with it. Otherwise, you could end up not being able to cash out your winnings. You can cash out your free bet winnings, but you need to be aware of the odds, how they can change, and the rules and restrictions associated with free bets. Otherwise, you may not be able to collect all of your winnings.