Betfair launches auto cash out in UK and Ireland
Exchange operator joins bet365 and Spreadex as the only firms with the feature
Betfair has launched auto cash out on its exchange markets for customers in the UK and Ireland as part of an ongoing effort to revamp its exchange product.
The new feature can be activated through the bet receipt or the cash-out tab and lets customers pick a value at which their bet will be cashed out automatically.
“You can now lock in a profit without having to lift your phone out of your pocket” the firm said in a blog post.
Betfair first trialled auto cash out on certain football markets back in December, but the firm’s head of exchange pricing, Rich Hayward, said the feature would be particularly useful for horseracing, where cashing out in-running can be difficult thanks to the speed of the market.
Betfair becomes the first exchange operator to have auto cash out functionality and one of the first operators in the entire industry, with bet365 and Spreadex the only other notable operators with the feature.
The launch continues a period of investment in the exchange product at Betfair, with the firm launching a new app called Bet Against this week, designed to get more recreational punters using the lay side of the exchange.
The operator is also planning to roll out a new racing page with historical video capability ahead of Cheltenham.
The operator’s dominance in the exchange segment has come under increasing pressure in recent months from big spending rivals Smarkets, Matchbook and Betdaq.