Nearly all bookmakers who offer multi-bets love to entice punters to have a go at striking it rich.
What could be easier, they say – put 6-7 legs together of some good bets and if they all come in, the odds quickly add up!
While an analysis of just how likely a multi-bet is to coming off, a significant new factor offered by everyone from the TAB to bookmakers is the offer of a cash-out – a chance to either cash out on a bet where nine out of ten bets have got up, and the 10th just isn’t worth risking, or plunge on, risking it all.
It’s the dream of many casual punters, who embark on a $5 wager on a long selection of bets, hoping that everything goes to plan for a big collect.
On Wednesday night, representatives from the TAB in NSW posted up the following replica of a multi-bet that has been cashed out:
Heading into the second game of Origin, and with NSW up by just four points at half-time, the question had to be asked: did the punter do the right thing by cashing out?
Those more cynical further had more questions: the date looked out on the TAB ticket. Why would you cash out during a game? How did that cash-out number come to be? Was it worth holding on with $72,503.39 on the line?
The Roar asked the TAB’s Matt Jenkins, Media Operations Manager, to fill us in on the bet. He told us since the launch of cash out in mid-April, there has been $9.5 million cashed out on multi-bets.
He told us the bet was placed at Wentworthville Hotel, Wentworthville in NSW on June 9, with the replica ticket date just a typo.
The cash out is not a negotiation with the TAB – it’s an offer calculated from the odds of the multi and amount invested.
Any ticket that still has some legs to go can be scanned at a self-serve terminal (EBT) and a cash out offer will be made providing the markets are open. A ticket can be scanned as many times as you like to check the offer.
The TAB couldn’t go into further details for The Roar to figure out how much cash punters have left on the table by cashing out early, or conversely, saved themselves by taking a sure winner over further risk.
It seems clear that the TAB, owned by Tabcorp, wouldn’t introduce a new feature unless pressured by other operators, or if they saw a long-term win in place.
These two, provided by the TAB, show when it paid to let it ride.
So what should you do? It all comes down to the individual as to how risky they want to be.
Danks
Guest
Multis are for suckers! I laughed when the article said multis you get better odds. U dont get better odds at all. A multi is equivilant to going all in on a game. Thats all it is
Bondy
Guest
These " incentives " are to drive more aggressive gambling or get the gambler aggrieved,agitated . The International exchange has been doing these for a couple of months cash out whilst your game is actually in play with percentages on the screen fluctuating .. These formats of punting spell danger .... Off topic Packer's punching above his weight ,again ...
Simon
Guest
Cash out never gives true odds. always makes more sense to lay the bet on an exchange if you want out. You are paying a massive premium to the bookies for the cash out.
pjm
Roar Rookie
Cash out is great. I'm surprised they brought it in because we all know multi's always fail on the last leg.
Bondy
Guest
Off topic Take Over Target " The Champ" has passed in a paddock accident , terrible news a great horse .....
Sammy
Guest
As good as the cash out option is a good innovation for the punter, over the long run and on averages.... the bookies will always prefer you too stay in for all the legs. The extra payout for the final leg in thier eyes (TAB) is worth the risk that the last leg fails... And as big as the occasional payouts often sound.. They are as rare as hens teeth. TAB makes heaps on mutis ... Far outweighing the odd acorn a blind squirrel finds ! Same as how casinos encourage to to stay and play longer and more spins. You might be up occasionally but the longer you play .... The better chance the house will get it back.
Gurudoright
Guest
As someone who plays a multi most weeks for fun and entertainment (I'm not a big gambler), I love the idea of cash-out. Unlike the examples I only do a $5 bet and usually only take my combined odds to a total pay out to around the $150-250 mark. If after 5 or 6 legs up I'm $100+, I'm going to cash out. It will pay for my next 6 months worth of multis