What is a Settled Bet? – An Explanation of Settling Bets

Dan Fitch

Dan Fitch

Pro punter

A writer and editor for some of the top names in the gambling industry for nearly 20 years, Dan also works as a freelance sports journalist for publications and websites such as ESPN, FourFourTwo and LiveScore.

All posts by Dan Fitch

Pro punter

Share

Copy Link

We independently review betting sites. Sign-ups through our links may earn us a commission at no extra cost to you, this never influences our listings’ order.

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.

What Does a Settled Bet Mean Online?

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.

What is a Settled Bet in a Betting Shop?

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.

What Does Bet Settled Mean with On-Course Bookies?

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.

What Can You Do if You Think Your Bet Settled Incorrectly?

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.

Best Bookies for Settling Bets Online

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.

Conclusion

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.

FAQs

Dan Fitch

Pro punter

Dan Fitch

Pro punter

A writer and editor for some of the top names in the gambling industry for nearly 20 years, Dan also works as a freelance sports journalist for publications and websites such as ESPN, FourFourTwo and LiveScore.

All posts by Dan Fitch