Bettors at Betfair cannot cancel matched bets on the Betfair Exchange, nor is it possible to remove bets from your betslip via the Sportsbook. Once a wager is confirmed, customers cannot edit the contents of the bet or withdraw wagered funds during the bet’s active period.
Only unmatched bets at the Betfair Exchange may be cancelled.
However, there are a couple of options open to bettors hoping to get some money back. You can find out more on how to cancel bets on Betfair below.
How To Remove Betfair Bet From Betslip
It’s simply not possible to remove bets from your betslip without encountering utilizing the Cash Out feature on the site. With cash out, you can protect against further losses or earn winnings early by clicking the relevant icon on the Betfair Sportsbook.
In some instances, you may be able to cash out your bet before the event begins. In turn, you should receive your full stake in your Betfair account wallet.
If the event has already started, it’s more likely that you’ll make a profit or get hit with a loss. Regardless of whether or not you’ve made money or are currently losing on the bet, the cash out button should be available until the value of your cash out is nil.
- Cash Out can be used to get your full stake back before the event in question begins.
- Cash Out will be available unless the value of your bet is nil.
- Should you decide to cancel your bet by cashing out while the event is in-play, you’ll likely see a Profit or Loss on that bet rather than earning the entire stake.
To know if your bet can be cashed out, keep an eye out for the small orange box containing a white dot. This symbol is telling you that your bet is eligible for cash out on Betfair.
This is the only method open to customers looking to cancel or remove bets from the betslip on the Betfair Sportsbook.
How To Cancel a Bet on Betfair Exchange – Unmatched Bets
If your bet is yet to be matched by another player on the Betfair Exchange, you will be allowed to cancel it. Depending on when you decide to cancel the bet, you may not need to take action to remove it from your betslip.
This is because Betfair automatically cancels any unmatched bets at the beginning of an event unless you request the Exchange not to do so. You can also manually cancel the unmatched bet if preferred.
The other available options for unmatched bets are as follows:
- You can “Keep” the bet and wait to see if it is matched by other players.
- You can keep your bet active and take the SP (Starting Price) by clicking “Take SP”.
How To Cancel Bets on Betfair Exchange – Matched Bets
While you cannot cancel or remove a placed, matched bet on the Betfair Exchange, there is one other option that may be of assistance. However, it comes with the potential for losses in itself.
On Betfair’s Exchange, you can choose to back the opposite of your original bet to even things up. With this, you are covering both sides of the affair and, in theory, eliminating the possibility of a loss.
See an example below:
- You place a “Back” wager on the Betfair Exchange.
- After changing your mind, you decide to place a “Lay” bet to counteract your original bet.
- Provided the odds and your stake are exactly the same as when you placed your “Back” bet, you shouldn’t incur a loss.
Given that Betfair doesn’t often offer the same odds for Back bets and Lay bets on the same market, and with prices constantly fluctuating anyway, it should be noted that this example very rarely works.