There has been no doubt for some time now that crypto betting is a significant growth industry, and there has equally been plenty of acknowledgement that as an industry it sits behind the more mature betting industry that serves people betting with fiat currency. The latter has been in existence in one form or another for more than a century, while the first crypto betting sites arose in the last decade. With that history comes a certain amount of institutional strength, which enables established betting companies to call on larger workforces, more plentiful infrastructure, and greater versatility.
As technologically advanced as they are, crypto casinos have struggled to offer the same depth of services that can be relied upon by other betting sites. That makes it a big step for Cloudbet, an early adopter in the crypto betting world, to offer in-play cash-outs on its sportsbook. That’s precisely what they have recently announced, and it’s worth reflecting on what their ability to do this says about where the crypto betting sector stands right now.
How do in-play cash-outs work?
Commonly found at fiat currency casinos, in-play cash-out is an option that allows a bettor to retain some money from a bet which is winning at the time, but may end up losing. If you’re a sports fan, you’ll be aware of the sinking feeling when your team is in the lead, but the opponent is pushing hard to get back into the game and starting to gain a foothold. In-play cash-outs are a protection against that feeling for bettors. It’s something that involves a lot of high-speed calculation and technological power to offer en masse, and that’s what has made it rare at crypto sportsbooks. Cloudbet is taking a step ahead of its crypto competition by adopting in-play cash-out.
What does this mean for crypto bettors?
While this does not represent crypto betting sites suddenly competing on a level playing field with their more established fiat rivals, it does show what is possible with the bigger and better names in the crypto betting world. Cloudbet has gained a reputation as one of the most reliable crypto sportsbooks here that are in the market, due in no small part to its ability and will to respond to customer requests. Not every crypto betting site will follow suit – many will not be capable of doing so right now – and the initial cash-out offer will only apply to certain types of bet, but it is a demonstration of how Cloudbet itself is growing.
What are the advantages and disadvantages of cashing out early?
The main advantage to this development for crypto bettors is that they will be able to lock in some value from bets which are looking precarious. If you bet on a team to win a baseball match and they’re two runs up with two and a half innings to go, you might choose to cash out. Why? Because, at this point, you should get a decent return, and you avoid the type of situation where the relief pitchers can’t close the game out, and the bet loses, returning you no money at all. The disadvantage is that if you do cash out, and the bet goes on to win, the return you make will be shorter. This is why you can also opt for partial cash-out – where you choose to take 50% of the possible return now and get 50% of the value if your bet still wins.
Cloudbet have made clear that they may expand the range of bets where they offer early cash-out, and we have no doubt they’ll let us know should this happen in the future. For now, the fact that they are doing it all is good news for crypto bettors.
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