Off Topic Cash Out on Spreadbet

Rigsby said:

I've got a large open position on a spreadbet which is an accumulation of around 15 smaller bets. I wanted to cash out this morning but when I try to on the website it says cannot do - 'Restricted'. This is because of the large payout and the firm will rather me cash out each individual bet instead thereby allowing them to move the price between transactions against me. I already cashed out 3 smaller positions and they moved the price by 1pt before I could do the 4th! So my question is, does anyone know if they are obligated to cash out my full position if I ring them up and ask them to do it or can they tell me to jog on and do it their way only?

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I don't do spread betting but it would probably be the best option to discuss with them personally,that's if you're not restricted to online webchat or general virtual chat.

If you've got a phone number to have a direct conversation with someone with experience and knowledge,far better doing that than having a conversation with some clueless twat that can't even spell,never mind resolve an issue.

CHAT GPT answer

Short answer: they’re usually not obligated to let you close the whole aggregated position in one go, even if it’s frustrating—and yes, they can often require you to close legs individually.

Here’s how it typically works in the UK spread betting space:

1. What your agreement likely says​

Firms like IG Group, CMC Markets, or Spreadex structure positions so that:

• Each bet is a separate contract
• “Cash out” of a combined/aggregate position is a convenience feature, not a right

Buried in their terms will usually be clauses allowing them to:

• Refuse or restrict closing trades in bulk
• Apply “manual execution” for large or unusual trades
• Quote you a price rather than guarantee the screen price

2. Why you’re seeing “Restricted”​

This generally happens when:

• Your total position size is large relative to market liquidity
• The firm is managing its own exposure (they may not be fully hedged)
• The platform flags it for manual dealer intervention

From their perspective, letting you hit “close all” instantly at one price could expose them to loss if they can’t hedge fast enough.

3. If you call them​

Phoning them can help—but doesn’t guarantee what you want:

• They can offer a single “all-in” quote over the phone
• But they are not obliged to match the on-screen price
• They may:
  • Give you a worse price for the full size
  • Still insist on partial fills
  • Or quote you a “fill or kill” level for the entire position

That said, calling is still your best move in this situation—you at least:

• Remove the lag between clicks
• Lock in a quoted price (even if slightly worse)

4. The price movement you’re seeing​

What you described (price moving 1pt between closing legs) is exactly the risk of:

• Slippage + dealer intervention
• Potentially last-look pricing (they update between fills)

It’s not necessarily manipulation—but it does work against you in fast execution.

5. Do they have to treat you fairly?​

They are regulated by Financial Conduct Authority, so they must:

• Execute orders fairly and in line with their policy
• Not deliberately disadvantage you beyond what their terms allow

But “fair” does not mean:

• Best possible price
• Instant execution at screen price
• Or bulk closing functionality

6. Practical strategy (what I’d do)​

• Call their dealing desk immediately
• Ask explicitly:
  
  

  “Give me a firm quote to close the entire position size now”

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• If the price is acceptable → take it
• If not → consider:
  • Closing in larger chunks, not tiny ones
  • Waiting for better liquidity periods (if market conditions allow)

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Bottom line​

They can’t just behave arbitrarily—but they can absolutely control how large positions are closed, and they’re within their rights to refuse a one-click bulk exit.

If you want, tell me which firm you’re using and the market (e.g. FTSE, FX, commodities), and I can give a more precise view on how they typically handle this.

Rigsby said:

So all my spreadbets have been settled now - well over 100 bets placed across 7 markets, all City related (Points, Position, Champ index, play-off index, etc). Anyway after 45 years of watching City, you sometimes get a once in a lifetime edge on the bookies and this was the season! The value was insane, so I was able to build up my positions aggressively in the autumn and even going into the final stages of the season the bookies didn't fancy us. I had to cash-out a few positions early as it looked a bit nervy going into Norwich, but to mitigate this I stuck £1k of winnings on promotion at 12/1 prior to Norwich match and then another 1k at 13/2 prior to Millwall. So I have given the bookies a bloody nose and collected over 90k winnings in total (McBurnies goal at Wembley was worth 40k as I was winning 'only' 50k if we'd lost).

Thanks to Sergej, the players and staff and everyone at Hull City for the most wonderful season ever!

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Glad it worked out for ya, now enjoy ya winnings.

Nice win, I hate having bets run through the season & don’t have the balls to hammer, even when I think it’ll happen.
It wasn’t until the train down to London on Saturday morning I actually put £3 on us to win.

Rigsby said:

So all my spreadbets have been settled now - well over 100 bets placed across 7 markets, all City related (Points, Position, Champ index, play-off index, etc). Anyway after 45 years of watching City, you sometimes get a once in a lifetime edge on the bookies and this was the season! The value was insane, so I was able to build up my positions aggressively in the autumn and even going into the final stages of the season the bookies didn't fancy us. I had to cash-out a few positions early as it looked a bit nervy going into Norwich, but to mitigate this I stuck £1k of winnings on promotion at 12/1 prior to Norwich match and then another 1k at 13/2 prior to Millwall. So I have given the bookies a bloody nose and collected over 90k winnings in total (McBurnies goal at Wembley was worth 40k as I was winning 'only' 50k if we'd lost).

Thanks to Sergej, the players and staff and everyone at Hull City for the most wonderful season ever!

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I think that when McBurnie scored, if I was winning 40 grand at the same time, I would probably have had a very large heart attack. Well done.

Congrats Rigsby, that’s a fantastic result, and always nice to see the bookies take a kicking.

Rigsby said:

So all my spreadbets have been settled now - well over 100 bets placed across 7 markets, all City related (Points, Position, Champ index, play-off index, etc). Anyway after 45 years of watching City, you sometimes get a once in a lifetime edge on the bookies and this was the season! The value was insane, so I was able to build up my positions aggressively in the autumn and even going into the final stages of the season the bookies didn't fancy us. I had to cash-out a few positions early as it looked a bit nervy going into Norwich, but to mitigate this I stuck £1k of winnings on promotion at 12/1 prior to Norwich match and then another 1k at 13/2 prior to Millwall. So I have given the bookies a bloody nose and collected over 90k winnings in total (McBurnies goal at Wembley was worth 40k as I was winning 'only' 50k if we'd lost).

Thanks to Sergej, the players and staff and everyone at Hull City for the most wonderful season ever!

Click to expand...

Feint heart never won fair maiden…
Well played that man.

Rigsby said:

So all my spreadbets have been settled now - well over 100 bets placed across 7 markets, all City related (Points, Position, Champ index, play-off index, etc). Anyway after 45 years of watching City, you sometimes get a once in a lifetime edge on the bookies and this was the season! The value was insane, so I was able to build up my positions aggressively in the autumn and even going into the final stages of the season the bookies didn't fancy us. I had to cash-out a few positions early as it looked a bit nervy going into Norwich, but to mitigate this I stuck £1k of winnings on promotion at 12/1 prior to Norwich match and then another 1k at 13/2 prior to Millwall. So I have given the bookies a bloody nose and collected over 90k winnings in total (McBurnies goal at Wembley was worth 40k as I was winning 'only' 50k if we'd lost).

Thanks to Sergej, the players and staff and everyone at Hull City for the most wonderful season ever!

Click to expand...

Congratulations - wonderful.

And I can't help but read everything you write in the rhythm of Rigsby