Cash Out is the ability to settle your bet before the event has finished. This means that you can cash out before the event has started, or while the event is currently being played.
Although cash out prices are less than if your bet were to win, by cashing out your bet, you are able to receive some money back no matter the final result.
For example, if you had $20 on Arsenal match result at $3, you would receive a return of $60.
If they are leading 2-1 with 10 minutes left, you may consider cashing out if you're not confident Arsenal can hold on to their lead (classic Arsenal 😅).
The cash out value may be $50, which is less than if your bet won, but you are guaranteed to receive something, as opposed to possibly nothing at all!