A settled bet is a wager where the event in question has finished, the result has been decided and the bookmaker can then work out if the bet is a winner or a loser. We’re going to explain exactly how bet settlement works, so that you understand the process fully.
When a bet is settled online, it goes through the following process. First you place a wager at one of the many betting sites that are available. The bet is live during the event in question, but once it ends and the result is known, the bet will be settled shortly afterwards.
One of the advantages of online betting sites is that wagers do not have to be manually settled. With so many bets being placed on an event, that would take far too long. The result can simply by entered by employees of the online bookies and from then on, the process is automated. Their online systems work out which users need to have their bet settled as a loser, which ones have won and how much they must pay out in winnings.
With the process being automated, the chances of betting markets being settled incorrectly are thus greatly reduced. So it’s not just quicker, but more reliable, safer and more convenient.
The process of getting a settled bet in a physical betting shop is slightly different. When you make your wagers on betting markets at a bookie shop, you write them down on a paper slip, hand them in to the customer service team behind the counter, have the bet confirmed, pay for it and then receive a printed bet slip,.
You then have to hold onto the bet slip. If you think that the bet is a winner, you take it back to the counter to have it checked and potentially collect your winnings. How long this takes can depend on circumstances. If the staff are busy taking bets, then you may have to wait, while something that could delay the official result, such as a Stewards Enquiry or photo finishes in horse races, will add time.
Bookmakers shops used to manually process a settled bet meaning that mistakes could be made and it could take a lot of time. Now the process is computerised, it’s all a lot easier and quicker.
Having your bet settled at an on-course bookie is pretty similar to the process at a betting shop. The process begins when you approach a pitch or betting window, ask for your bet and pay for it. You’ll receive a printed bet slip and if you think that you’re due some winnings at the end of the race, you go to collect them.
The process getting your settled bet is also computerised, reducing the time it takes to sort out and the margin for error. If there is a major delay, it could be down to a dispute over the result which is being ironed out, or perhaps a large number of winning horse racing bets to process, should a favourite win.
If you think that you have had your bet settled incorrectly, there are some steps that you should take. First off is to double check whether you’re right. If it’s an online bet, read any market rules and settlement rules that are available. Check the official result and any amendments that have been made. Has you bet been settled correctly in terms of your stake, the odds and any return?
If you’re still convinced that there is a problem, contact the customer help team and let them know. In most cases, you can assume that they will treat you fairly. They will want to help and keep you happy as a customer. Such service teams have access to your full betting history and can therefore check exactly what’s been placed.
If they find that they have made a mistake and admit to it, they will amend your settled bet accordingly. Should they consider that the error is with you, the bookmaker will explain what the issue is.
Very occasionally, bookmaker and customer find themselves in dispute over the settlement of a bet. If they can’t come to any sort of agreement, then there is an independent body that can help. Known as IBAS, the Independent Betting Adjudication Service exists for exactly this reason. Contact them with the details of any dispute that you have with a bookie, and it will be investigated and ultimately brought in front of an independent panel, should the claim have merit.
Some bookmakers are better than others in this area. You want one that will give you a settled bet quickly, accurately and with fairness. Such a service normally requires a bookie to be well-established and have a strong customer help team. For this reason, our recommendation in this area is Paddy Power.
Of all the betting terms that you discover when gambling, a ‘settled bet’ can be the most satisfying. It’s the point when your wager is either decided to be a winner or a loser and if it’s the former, you will have just grown a little richer. Our recommended betting sites all excel when it comes to settling bets in an efficient manner.
Sometimes it is down to the length of the event. A Twenty20 cricket match will be over quicker and settled long before a five-day Test match. Or it could be a dispute in the result, such as over the finishing position in a horse racing event.
Should a bet be settled and then the result changes, there can be the possibility of the market being reopened and resettled, but in practice this is unlikely. Bookmakers will generally pay out on the official result and even if that changes, they won’t reopen the respective market.
Has the event finished? Could there be added injury time, extra time, or penalty shootouts at the end of a football match, for example. If the event is definitely over, then there could be a dispute over the result, or some other reason. Check with customer services.
Some bookies with settle a bet on a horse race on the First Past the Post result and then also on the Official Result, should there be any need for an amendment such as a steward’s enquiry or objection. This is called the Double Result principle, Bet365 is one such bookmaker that provides this service.
This depends on lots of factors. With football bets for example, can take longer to settle if there’s added time. Yet generally you can assume that online bets will be settled within 30 minutes of the result being known and often much less.
If a result changes, there is the possibility that a settled bet could be reverse or voided, with any monies paid to you could be taken back. Yet in practice, this is extremely rare. It’s poor publicity and bookmakers will generally always pay out on the first official result.