/ Dan Thomas / 06 February 2012 / Leave a Comment 
Cash Out allowed Betfair customers to lock in profit before Javier Hernandez equalised yesterday
"Cash Out helps to expose the benefits of Exchange betting to our new users. Many Exchange customers may never trade within the Exchange purely backing a selection and waiting on a result."
A record number of Betfair users used the 'Cash Out' functionality to lock in profit during yesterday's 3-3 draw between Chelsea and Manchester United...
Cash Out uses a combination of back and lay bets to allow the customer to use their current exposure to lock in a profit, simply by pressing one button. It has been used more than 2m times since launch.
Of the 27,000 people who were betting on the Match Odds market during the thrilling draw at Stamford Bridge, 1,559 used the Cash Out button - beating the record set during El Clasico on January 18.
Some 179 customers backed Chelsea before the first goal and then went on to Cash Out before Man United equalised.
If they had let their bets ride they'd have lost £719 (an average of £4 each). But by using Cash Out to lock in a profit, they won £3,003 (an average of £16 each).
Cash Out was also popular with users protecting their profits against a late Man United goal - more than 1,000 customers cashed out in the last 15 minutes of the match.
Mike Woodbridge, Sports Product Specialist at Betfair, said: "Cash Out helps to expose the benefits of Exchange betting to our new users. Many customers may never trade, purely backing a selection and waiting on a result.
"For experienced Exchange users Cash Out provides a faster process by eliminating the need to calculate, and place, the combination of bets needed to green up or cut your losses.The feature will place the required bets on your behalf. Many of our customers that do not intend to Cash Out simply use the feature to assess how well their bets are doing."
In December, Betfair rolled out Cash Out functionality to mobile.
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