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Cashing out allows you to receive winnings from winning bets before the betting event is complete. However, the payment will be reduced compared to what would be expected if the event ended and the bet was a winner.
When you confirm the Cash Out, it's then reviewed by the Traders. If it's accepted, the funds will be transferred to your wallet as winnings instantaneously and the bet will show in the Settled Bets tab as Cashed Out.