A cash-out is the opportunity to cancel your bet mid-game. The sportsbook will give you a payout if you cash out. This can be carried out at specific sportsbooks and not all offer this option. The cash out is usually given if you are close to winning the game so the sportsbooks overhead are reduced. It is also given to players that are losing the bet but still have a slim chance to win. The sportsbooks want to reduce their losses so they offer this option.