The cash out option

As Slim used to remind us regularly (in the days before he started bossing Racing Twitter) - never cash out.
To be fair it's terrible advice and to be that entrenched is silly. There are plenty of spots where a cash out is the prudent play.

He might be spot on that 90% of the time its a bad move but to say its never the right thing is just plainly wrong.
 
To be fair it's terrible advice and to be that entrenched is silly. There are plenty of spots where a cash out is the prudent play.

He might be spot on that 90% of the time its a bad move but to say its never the right thing is just plainly wrong.


Correct -when Dettori rode the first 4 or 5 winners on Gold Cup day a couple of years ago the cash out offers from 365 were very generous.
 
Correct -when Dettori rode the first 4 or 5 winners on Gold Cup day a couple of years ago the cash out offers from 365 were very generous.
I'm a former semi pro poker player myself and I think that's where I get my stance on it for two reasons firstly it's quite common in the latter stages of a tournament to negotiate a deal in order to reduce variance. And secondly and more appropriate to sports betting is that at the point you are being offered the cash out you now have more information than you had when you struck the original bet.
 
Firstly Len that's horrible mate hard lines. I'm a gambler of the truest nature really so I'd let 99% of things ride. But anyone who says they'd never cash out I find must be full of **** to some extent. Wasn't there a big one at Cheltenham last year where a bloke had some sort of miracle acca that ran for over a year and the lot was riding on was it Envoi Allen who was heavy odds on on the day ? Was it something like a half a millon cash out or something like that and literally nothing if it lost tbh I think most punters would have cashed out after the first couple of legs at Royal Ascot tbh but he stood it a long way. Then cashed out before the thing fell with a decent chunk left to ride on it. I can't imagine anyone alive who wasn't already worth a Million who would have let that ride....maybe Slim, maybe but then he's probably worth a Mill or two by now anyway.

L15's as luke pointed out if you've had 3 winners you've already got a good chunk back and whatever that chunk is you have an equal amount "running on "your last horse so they'll offer you normally a bit less than that. I'd always let them run no matter what. Those really are the days you live for as an everyday punter, I'd rather have a nearly story than a few extra quid and I have plenty of nearly stories. Other people are talking like traders and make fair points but its not my game I'm never going to get a bit of blood in it cashing out for small profits. The way I look at it Len is something I got told a long time ago and are the truest words spoken, you'll never win anything if you're afraid to lose.
 
I make no judgement or defence of Slim’s position on this - I was merely relaying his advice. I do think he was largely referring to multis when he stated his position on the matter, however.
 
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The cash out Danny is referring to is Envoi being the last leg of a 5 fold in the Marsh at 5/1 (sp of 1/4)
Returns were 550k or thereabouts, off a £5 bet if i remember rightly.

Betfair only pay out 500k but said they would honour the bet. Offered him a straight 360k cash out, let it ride, or 320k if he wins, 250k if he loses.

He took the latter and got paid 250k for his losing bet. Arguably the greatest cash out ever. The temptation to let it ride on a 1/4 fav would have been gun wrenching. Nice to see you posting Danny. Hopefully here to stay
 
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Firstly Len that's horrible mate hard lines. I'm a gambler of the truest nature really so I'd let 99% of things ride. But anyone who says they'd never cash out I find must be full of **** to some extent. Wasn't there a big one at Cheltenham last year where a bloke had some sort of miracle acca that ran for over a year and the lot was riding on was it Envoi Allen who was heavy odds on on the day ? Was it something like a half a millon cash out or something like that and literally nothing if it lost tbh I think most punters would have cashed out after the first couple of legs at Royal Ascot tbh but he stood it a long way. Then cashed out before the thing fell with a decent chunk left to ride on it. I can't imagine anyone alive who wasn't already worth a Million who would have let that ride....maybe Slim, maybe but then he's probably worth a Mill or two by now anyway.

L15's as luke pointed out if you've had 3 winners you've already got a good chunk back and whatever that chunk is you have an equal amount "running on "your last horse so they'll offer you normally a bit less than that. I'd always let them run no matter what. Those really are the days you live for as an everyday punter, I'd rather have a nearly story than a few extra quid and I have plenty of nearly stories. Other people are talking like traders and make fair points but its not my game I'm never going to get a bit of blood in it cashing out for small profits. The way I look at it Len is something I got told a long time ago and are the truest words spoken, you'll never win anything if you're afraid to lose.

Great to see you back, Danny, and thank you for the advice. It’s a mistake I won’t repeat, and I’m confident I’ll get another crack at it. It wouldn’t have been a life-changing amount, but I would have had a decent Christmas with £2,900! It would also have been, by far, the most I’d ever won.
 
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