Birdman confirmed the release of the song on March 12, 2013, and was released that day as planned. The song premiered on Hot 97 with Funkmaster Flex on March 12, 2013. It was officially released as a digital download on March 19, 2013. The song was available as a digital download in UK on March 24, and in France on March 25. On May 7, "Tapout" was released to rhythmic contemporary radio.
"Tapout" was met with generally positive reviews from music critics. Dan Rys of XXL said, "With Future on the hook, the song was always going to be a memorable club staple, but the best thing about it is how everyone on it—Lil Wayne, Birdman, Mack Maine, Nicki Minaj and Detail—grabs the beat and puts their own individual stamp on it." David Jeffries of AllMusic stated, ""Tapout" is an all-star bit of flash that brings Future back to mix with the label's A-list."
XXL ranked it at number 18 on their list of the best songs of 2013. They commented saying, "Wayne kicks things off with a verse that, while not the most original, was still entertaining, while Birdman carries the bridge to the only part that really matters, and the only part that keeps this song on the list: Nicki Minaj. Here's to nominating "Pull up in that you can't afford this / Only rap bitch on the Forbes list" for couplet of the year. That and, of course, that hook is infectious as hell."