Is it possible to calculate the 'cash out' formula

[Sagan]

*Thanks in advance if anyone advises that cash out is a bad idea. I am aware that it is a bad idea in most scenarios. No need to educate me in that regard.

Im not the best at math but wouldnt it be possible to uncover the cashout formula algebraically? The books usually disclose that it is based on factors that include the stake, the original odds and the current odds. If those are the only factors then it should be possible but my intuition is that there are more variables. I question this after looking at some examples and oddly not being able to see a pattern.

I'll post some real life examples i have seen from a soft book to see if anyone wants to take a crack at it:

Bet stake: 500
Original odds: 6
Current odds: 6
Cash out: 333.34

Bet stake: 300
Original odds: 23
Current odds: 19
Cash out: 135.30

Bet stake: 100
Original odds: 51
Current odds: 34
Cash out: 25.38

Bet stake: 500
Original odds: 7
Current odds: 5.5
Cash out: 437.50

Bet stake: 200
Original odds: 34
Current odds: 34
Cash out: 200

Bet stake: 200
Original odds: 21
Current odds: 26
Cash out: 161.54

Bet stake: 200
Original odds: 67
Current odds: 34
Cash out: 200

Bet stake: 500
Original odds: 17
Current odds: 8.5
Cash out: 653.85

Bet stake: 500
Original odds: 9
Current odds: 5.5
Cash out: 562.5

Bet stake: 500
Original odds: 7
Current odds: 12
Cash out: 291.67

[Optional]

I'd guess it is also based on the books current hold position as well.

Here's another one for you.

I bet $200 to pay $1300 on a 6.50 shot a week or so before the event.

The runner ended up at 1.36 by the day of the event.

The book offered $850 to buy it out.


There was only 6 runners capable of winning. If I had bet the other 5 to hedge it I would have come out around $100 better off than what they offered for the cashout.

[Hareeba!]

God only knows why you'd bother to go on about these horrendous cashout offers!
If you can bet with the likes of Bet365, then you should be able to bet at Betfair and Matchbook for a much better deal.
But have you tried asking the bookies how they calculate them?
Not that I expect they are able to tell you any more than Optional has.
Clearly based on the numbers you've posted there is no formula which would explain them all.

[acquavallo]

God only knows why you'd bother to go on about these horrendous cashout offers!
If you can bet with the likes of Bet365, then you should be able to bet at Betfair and Matchbook for a much better deal.
But have you tried asking the bookies how they calculate them?
Not that I expect they are able to tell you any more than Optional has.
Clearly based on the numbers you've posted there is no formula which would explain them all.

OTOH will never get banned or hassled by the Book.

[Sagan]

True hold position would make most sense.

Good point acquavallo. I wouldnt say never but it definitely helps