So, even though I’m having an issue with MGM Grand Detroit and one member of security staff who insulted me by calling me a racist, I do still use betMGM for my sports bets. I like to use them because they are my exclusive gambling destination in Las Vegas and around the United States. The betMGM app counts sports bets towards tier credits – and you know…we gotta maintain the elite tier status.
With that said, online betting also allows for what’s called “cash out” options during your active sports bets. For me? I do 16 parlays per day at 6 teams per parlay. So, when I have an active ticket, MGM’s computers will offer a “buy out” option on your bets. It does two things – it allows you to cash out if you fear you are going to lose that ticket without losing your full amount. It also allows MGM to not have to pay you your full ticket should you hit.
Example. I bet $100 per parlay. One of my parlays is a 50/50 toss up as the games finish and go on. Others are higher, others are lower. As my slips settle and I win more games then the “cash out” offer by MGM increases. They’d rather pay me a portion of my $100 cash in than the whole thing. If I don’t have the balls to see the entire thing through then say my $100 hit would be $400…but MGM offers me $225 to cash it out. I then “cash out” and collect $225 total. My $100 bet plus $125 profit. MGM says they saved money by not paying me the full $400.
Of course there is risk on both sides. If I cash out too early then I lose money. If I cash out on time and my ticket takes a shit then I look and feel like a genius.
The way my system works is last night, I had two tickets remaining and MGM’s computer system played against itself. If one of my teams won then I’d win more than if the other team won. I’d win overall, but my return would be less. Say a return on one winner would be $100. MGM offers $80 on that one because it looks like a sure fire winner.
On the other ticket the MGM computer thinks it won’t win but still wants to cash out, so it offers $30 to cash out the ticket of what would be a $90 win.
Naturally, if accept the buyout on both tickets then I win $110 combined….if I let it ride on the larger ticket I would only win $100. If I lose on the $100 then I’d win $90.
So…by backing the computer into the corner I turn a $100 win into $110 by taking the buyout.
Welcome to the wonderful world of parlay sports betting on the app instead of in person.