Sports betting in North America has significantly increased in popularity since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018 and a Federal Canadian Bill legalized ‘single-event’ sports betting (Cohen, 2023, Holden, 2022). These regulatory changes permitted legal ‘in-play’ sports betting. In-play betting allows sports bettors to place bets on a number of different outcomes at both the micro level (e.g., who will score the next goal) and macro level (e.g., which team will win the game) while the game is ongoing. Consequently, in-play betting could be considered a continuous form of gambling (but not always) if a sports bettor makes rapid successions of micro-bets. For instance, a baseball game with 300 pitches would permit the player to make in-play bets on the outcome of each individual pitch, providing innumerable wagering opportunities and the possibility for continuous betting during the sporting event. In this way, some aspects of in-play betting (e.g., micro-betting) shares similar structural characteristics to electronic gaming machines (EGMs; e.g., rapid rate of play, increased rates of reinforcements; Newall et al., 2021, Parke and Parke, 2019)— structures known to increase probability that the bettor will experience gambling-related harms (Murch et al., 2020).

The ability to cash out, a popular feature of in-play betting, may place the bettor at a particularly high risk of harm. This feature allows individuals to withdraw a bet before its final outcome is known. For example, if a hockey team is leading by one goal in the second period, an individual who has bet on that team winning can ‘cash out’ to guarantee their winning outcome, albeit for a smaller prize than if they were to wait for the final whistle and the result were to change. In other words, cashing out allows the bettor to secure a potential win and avoid a potential loss (Lopez-Gonzalez and Griffiths, 2017, Newall et al., 2021). Cashing out refers to the act of settling a bet before the outcome is known, allowing bettors to manage their potential winnings or losses based on the evolving dynamics of the sporting event. Unlike canceling a bet, which negates the entire wager, cashing out is a strategic option to secure a portion of the potential returns or minimize losses in response to changing odds during the course of the game. This distinction underscores the nuanced nature of cashing out as a tactical decision within the broader framework of sports betting. Cashing out may place bettors at risk of harm, partly because this feature may be used to free up funds to place more bets, which may fuel chasing behaviors and create a ‘sports betting loop’ (i.e., the player cashes out andhas money in hand, albeit less than desired, thus increasing the desire for a win and resulting in more wagering; Parke & Parke, 2019).

The cash out feature is not unique to in-play sports betting. Although it is commonly associated with in-play betting, where wagers are placed while the sports event is ongoing, the cash out feature can also be available for pre-match bets. The key aspect of the cash out feature is the option it provides to users to settle their bets before the event concludes, regardless of whether the bet was placed before the match started or during its course. Specifically, the cash out feature is simply a functionality that provides a player with the opportunity to close out their active bet before the outcome is determined. This feature enables the player to protect a portion of their winnings or mitigate potential losses as the odds shift in their favour or against it.

Despite cashing out becoming a popular feature of in-play betting (Lopez-Gonzalez & Griffiths, 2017), and concerns about its relationship with gambling-related problems (see Parke & Parke, 2019), little empirical research has focused on the use of this feature among people who bet on sports. Extant research to date indicates that the use of the cash out feature is associated with financial difficulties and greater cognitive biases (e.g., believing they have control over situations primarily based on luck; Lopez-Gonzalez and Griffiths, 2017, Newall et al., 2021). Furthermore, there is some evidence that those who use the cash out feature have elevated problem gambling symptomatology (Lopez-Gonzalez et al., 2019). Other research shows that more general involvement in micro-betting and in-play betting are associated with impulsivity and can also increase gambling-related harms (Vieira et al., 2023, Russell et al., 2019).

Although the link between use of the cash out feature and problematic in-play betting appears to be strong, why players use this feature has yet to be explained. In the wider gambling literature, why people gamble (i.e., their motives) is well understood. For instance, it is known that many people who gamble are motivated to do so to cope with negative emotions or life challenges and these motivations are positively associated with disordered gambling symptom severity (Stewart and Zack, 2008, Tabri et al., 2022). Likewise, financial motivations (i.e., gambling with the primary intention of making money or solving financial problems) are positively associated with gambling frequency and gambling-related problems (Dechant, 2014, Tabri et al., 2022). To our knowledge, only Killick and Griffiths (2021) have examined whether the motivation to cash out during in-play betting aligns with people’s motivation to bet more generally, or whether there are unique motivations associated with cashing out. They interviewed 19 individuals who gambled, some of whom reported using the cash out feature. Three main themes related to use of the cash out feature emerged: recouping losses, ‘cash out’ value being high (i.e., individuals decided it was ‘worth it’ to cash out, like making a profit on the original stake), and regret after cashing out. The results from Killick and Griffiths (2021) study suggest that individuals may have different motivations for using the cash out feature compared to gambling in general. Given the small sample size, additional research is needed to more systematically identify the motivations for using the cash out feature among in-play sports bettors, and their correlates. To address this need, in the current research we: (i) examined the demographic, gambling, and psychological characteristics associated with in-play betting; and (ii) identified the motivations for using the cash out feature. The variables chosen in the present study were included as they are robust predictors of problem gambling.

The analysis for the study was not pre-registered because we considered the current research exploratory in nature. The psychological characteristics chosen in the present study (e.g., emotion regulation, impulsivity, childhood trauma, mental health) were chosen because they have been associated with increased gambling-related harms in previous studies of sports betting (e.g., increased frequency of play; Grant and Chamberlain, 2020, Murch et al., 2020, Newall et al., 2021, Vieira et al., 2023). Motivations were assessed using open-ended text boxes given the paucity of previous research in this area.