Betting on Esports has become a huge market in recent years, and this growth in popularity has coincided with the increasing use of cryptocurrencies like Bitcoin and Ethereum for betting. That’s a major element in why crypto casinos such as Cloudbet are such a popular option for fans looking to bet on Esports. The chances are that if you’re someone with an interest in Esports, you’ll also be someone who is au fait with crypto, as both are tech-driven alternatives to something that has been a monopoly for many years.
Esports bettors, then, will be delighted to hear that Cloudbet has strengthened its offer to players by adding a new element to its sportsbook. The crypto betting site had recently announced that it will be allowing bettors to cash out their bets in play, an option which has become common at sportsbooks who trade specifically in fiat currency, but has been scarce in the crypto betting worls until now.
Cloudbet looks to change the game again
Founded in 2013, Cloudbet is one of the most loved and trusted crypto betting sites because it is one of the longest-serving. If you’re into betting with Bitcoin, then this is a name you probably already know. Part of the reason it has endured for longer than most of its competition is the reputation Cloudbet has gained for being ready to innovate, and having a focus on providing what its customers want. As the company stated when announcing its recent decision, in-play cash-outs are something that their customers have been asking for.
Why crypto cash-out has been rare until now
Offering in-play cash-out is something that places a betting site under more strain than letting bets run their course. A lot of calculation goes into offering a cash-out payout, and while this has been something that established sportsbooks with large operations have been able to provide, it’s not been so easy for even the bigger crypto sportsbooks. Cloudbet has made the calculation that this is something they can offer even in the fast-transaction world of crypto, and to make sure they get it right, they have decided to provide the option in a cautious, limited way to start with.
Which bets can you cash in?
At the moment, Cloudbet makes it clear that the early cash-out option will only apply for single bets – not for multiple-bet accumulators or parlays, and not for outright bets. So you can cash out a bet on OpTic Gaming to beat FaZe Clan while the match is going on – assuming that the chance of the bet winning is great enough to allow cash-out – but you can’t cash out a bet on Real Madrid to win La Liga, even if they are leading the league at that time. There are some other caveats in place as dictated by the sportsbook, but if it is possible and popular to expand the current provision to offer more options, Cloudbet will do so.
What are the benefits of cashing out?
Bettors who cash out a bet will usually do so in cases where the bet is on target to win, but where things are not definitive enough to just let the bet win its course. If Natus Vincere are leading in a contest, you’ll be able to cash out a bet on them to win, but it will be for a lower amount than you’ll get if the bet wins. Cash-outs may be most popular in cases where a side has established an early lead but are trying to hold off a comeback attempt from their opponent; the bettor will then be making a choice on whether to take some profit from their bet, or sit tight and hope the comeback falls short for a full profit.
