Fairly broad statement.Why does anyone ever cash out with one leg to go on a multi. Surely if you are going to cash out at that point the smarter option would be to not put that leg on in the first place?
This is the point I am trying to make. If you know you are going to cash out as in your example why put the last leg on on in the first place. Just collect your winnings after the second last let gets up and then place a seperate bet on the last leg. Every time you cash out you are just giving money away!I generally won't cash out, but I might place some insurance with a hedge. Also it really depends how much I stand to win/lose from the first multi.
If I placed $5 on a 10-1 with one leg remaining, screw it I'll just let it ride to lose $5 or win $50 and won't bother hedging. But If the difference between letting it ride is insignificant for a big amount, then I'll cash out. Say for some reason the cash out is $4500 and the win is $4800, I'd cash out, not worth the risk in riding it.
If we are talking the last leg of a massive multi where I will pocket 20k from an initial $200 investment, I'd probably hedge based on how confident I am in the last leg. So I might not cash out, but I'll hedge so that from my initial investment I'll either win say 17k or 3k or something like that. You have to play around with the odds on offer to see what works best.
I do agree for the most part, cashing out is usually a bad mathematical decision, especially with multi bets. However I think there are occasions where it is the best option where you derive the most value. Eg. Long-term futures bets. The best recent example I can give is Tom Papley being $101 to poll the most Brownlow votes for Sydney early in the season. As the season progressed you could get a really nice cash-out for ROI, when it became evident that he probably wasn’t going to win it. In this case, Parker from memory was around $1.80 & a couple players a little shorter odds than Papley, so a hedge didn’t really make sense.This is the point I am trying to make. If you know you are going to cash out as in your example why put the last leg on on in the first place. Just collect your winnings after the second last let gets up and then place a seperate bet on the last leg. Every time you cash out you are just giving money away!