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You don't always have to win your bet to make a profit.
When you've made a bet, particularly a bet on a futures market, the odds will typically change over time before the winner is ultimately decided. If the odds of your pick shorten, sometimes the sportsbook will offer a cash-out option on a portion of the bet in advance as a compromise. When this happens, you have the option to either accept the guaranteed profit and cash out early or pass and ride it out in hopes that your bet does eventually win.