FanDuel Sportsbook has introduced a new feature that could allow it to keep pace with the leading mobile sportsbooks in New Jersey.
In an update to its mobile app on Monday, and also rolled out on its website, FanDuel launched a cash-out option to allow bettors to “either lock in winnings or cut your losses.”
How it works
Boiled down, if a user’s selection trends toward not paying out, that customer can “cash out” before the event ends. This allows bettors to capitalize as much as possible on wayward wagers.
The value of cashing out depends on the status of the wager. The deciding factor, per FanDuel, rests on “whether you’re ahead or behind and by how much.”
As the status of wager updates in real time, bettors can wait for ensuing plays to determine the most opportune time to cash out.
Cash Out, as FanDuel calls it, is not available for every wager. When applicable, however, the “Cash Out” button on the bottom of the page allows users to take advantage of the feature.
FanDuel rolls out Cash Out promo
As a way of celebrating the newest feature, FanDuel introduced a Cash In With Cash Out promotion.
Simply by clicking the Cash Out button, users can receive free site credit.
Limited to one wager per bettor, users looking to capitalize on an errant wager can cash out their winnings and earn $10 in site credit.
Customers must be physically located in New Jersey to cash in on the offer.
The free credit from the promotion expires seven days after receipt.
Joining the cash out crowd
The mobile sports betting industry in the Garden State has continuously expanded and grown since launching in August.
With a crowded market featuring eight mobile products, the leading operators boast similar cash-out features.
Among them is DraftKings, by far the state’s leading moneymaker. SugarHouse, which has generated the third-most revenue to date, also utilizes an early cash-out option.
Now, FanDuel, the second-best product regarding revenue, joins the group.