Betfair exchange – How cash out works
The Geegeez Race Analysis Report
This video explains how Betfair cash out works, using the Betfair exchange. Cashing out is easy on the exchange as you can use back and lay bets. Software like Bet Angel can do this very easily and in a variety of ways.
On the Betfair sports book you can only back and then cash out, lay bets are not available. If there is a problem cashing out you could actually step over to the exchange to hedge your positions.
The general concept is that you back at one set of odds, then the second part is to lay the same stake at the new odds. Once that is complete you can spread the profit (or loss) across the field by placing another lay bet.
Of course your back bet could be placed anywhere, on the sportsbook on another bookmaker, but you could still cash out on any exchange using the same process. But you would have to adjust for the fact that the originating back bet was not placed on the exchange. Just use a calculator, spreadsheet or some specialist software like Bet Angel.