The cash out option is usually offered as part of 'in-play' or 'live betting'. This is betting while the event is actually taking place, for example, placing a bet on a horserace while the race is being run or a football match that has already kicked off.
Cash Out is a feature that gives you the opportunity to close out your active bet before the outcome is decided. This allows you to secure part of your winnings or cut your losses as the odds change in or against your favor.