At some point, everyone’s going to want to wager something – whether it’s sports, politics, or the ultimate pair of shoes. And when they do, they’ll need to know what ‘cash out’ means in the world of betting. Here’s a little guide to help you out.
What Is Cash Out?
‘Cash out’ is what happens when you win or lose a bet. If you cash out on a winning bet, you get your money back and can use that to play again. If you cash out on a losing bet, you lose what you put in. The more you risk, the more you’ll earn. Sounds simple enough, huh?
There are two important things to note about cash out: Firstly, you always have the option to ‘cash out’ a bet. Secondly, you are responsible for paying taxes on any winnings. It’s all about following the rules and keeping track of what you’re doing.
Let’s say you have £100 on the bar and you bet £50 that the under two-hour football score will be 2-1 in favour of Manchester United. You win your bet on Wednesday night’s match and on Friday you want to cash out your £100. You decide that a £20 taxi fare to the airport would be fair compensation for the four hours of your time. You hand over the cash and the taxi driver hands you a receipt for £40. You’ve just earned £60 in about 15 minutes and you’re no longer a stranger to gambling. Congratulations!
You’re responsible for paying your own way home and for all the other expenses that come with traveling to and from places where you wager. So, if you’re going to be doing a lot of traveling, it’s essential that you know how much that’s going to cost you. You might want to think about buying travel insurance to cover you for any medical emergencies that might occur while you’re traveling.
Why Should You Always Try To Cash Out On A Winning Bet?
If you look at your betting ledger, you’re going to see a pattern developing. Most of your bets will be losers. That’s just the way the odds are! However, some of your wagers are going to be winners. When that happens, you should try to cash out as soon as possible. Why? Because if you keep the winnings and don’t pay the taxes you owe, you’re going to incur a serious penalty. The longer you wait, the worse it’s going to get. You don’t want to mess with the IRS.
One last thing. Always make sure that you have the right to withdraw your funds whenever you want. Some sites won’t let you cash out until a certain period of time has passed. Make sure that you aren’t being tricked or coerced into staying in any kind of bet. Think about all the times that you’ve been tricked by a swindler who said they were going to give you 10% profit if you kept going back for more. Don’t be stupid. Just say no and walk away. Better to be lucky than to be smart, right?
When Is It Appropriate To Cash Out On A Winning Bet?
You can cash out on a winning bet as soon as the game ends. It doesn’t matter if it’s the fourth quarter or the last minute of the game. Once the clock stops and the winning team celebrates, you can usually expect that the other team will want their money back. So, as soon as the referee blows the whistle, your losing team will come to you with their hand out.
There are exceptions to this general rule. If your team is ahead by a large enough margin, you might want to wait a little while before trying to collect. For example, if your team is up by 4 goals and you’re trying to cash out, it might not be the wisest idea to hand over your hard earned winnings just yet.
What About The Expenses Of Traveling?
If you’re going to be traveling a lot, you’re going to need to think about how you’re going to pay for all that traveling. There are going to be extra costs associated with taking a taxi to the airport, paying for a hotel room, and buying train tickets. All of this is on top of the cost of your airline ticket. So, if you’re going someplace for longer than a couple of hours, it might be cheaper to rent a car and bring it to the airport than to take a taxi. Of course, this also depends on where you’re going and how long you’ll be there. If you have a lot of weight to lose, you might want to consider flying on an airplane that stops over in several countries so that you can get off and eat what everyone else around you is eating.
Another thing to keep in mind is how much money you have left over after you’ve paid for all your travel expenses. If you have a decent amount of money left over, you might want to buy some souvenirs for yourself or your friends and family. Especially if you’re going to a popular destination, you’re going to want a memento from your trip. If you don’t have enough money left over, you have two options. You can either ask the hotel to loan you the money for the rest of your trip or you can call the airline and ask for a refund.
If you’re traveling a lot for work, it’s important to know what ‘cash out’ means in the world of betting. Always try to cash out on a winning bet. Do this as soon as possible and remember to pay the taxes that you owe. Better to be lucky than to be smart, right? If you keep all the winnings and don’t pay the taxes you owe, you’re going to incur a serious penalty. So, as soon as you can, you should try to get your money back.