What Does A Settled Bet Mean?

The Quick Answer

What Does A Settled Bet Mean?

A settled bet means that the bookmaker you’ve placed the bet with has determined the result of that bet whether it a winner or a loser.

Once a winning bet is settled, you’ll be able to claim your winnings. If the bet is settled as a loser, you’ll lose your money, and the bookie gets to keep it.

What Happens To Settled Bets Online?

Betting online has become a phenomenon over the last few years and, by betting with online bookmakers, you can quickly view the progress of your bets in your account history. Lots of bookies divide this section into subheadings such as settled bets and unsettled bets. Once an unsettled bet has been settled, your winnings will be added to your account balance. Lots of bets are settled within seconds thanks to state-of-the-art computer systems.

What Happens To Settled Bets In Betting Shops?

If you’re thinking of placing bets in a betting shop, the betting process is a little different. You’ll need to write out your bet on a paper betting slip and hand it over to a member of staff to process behind the counter. Nowadays, bets in most big bookmakers are settled by computers, so you can normally get your winnings quickly once a winning bet has been settled. But sometimes you’ll need to be patient, especially when staff are busy taking bets on other horse races or sporting events.

What Happens To Settled Bets With On-Course Bookmakers?

If you’re thinking of going for a day out at the races, you’ll find that most on-course bookmakers also use computerized systems, nowadays.

It was different back in my days as an on-course bookies runner. Bookies just handed out tickets with no record of the bet you’d had on them. Instead the bookies made a note of the ticket number and a record of your bet in a ledger.

I can even remember one day when the boss turned up without any tickets, and he was simply writing down descriptions of the customers who placed bets with us. There was man with brown hat, man with grey overcoat and, dare I say it, lady with kinky boots. Yet somehow the day ran smoothly with no sexual harassment charges pending.

Nowadays at the races, you ask for your and bookies will present you with a neatly printed ticket with your selection and bet size on. It will even explain how much you get if your horse wins or if it just places if you’ve had an each-way bet.

When the race is over, the bookies simply printout all the winning bets and crosses them off as the winning tickets are presented. You can normally collect your winnings for a settled bet before the next race is off.

Why Do Some Settled Bets Take Longer To Pay Out?

There can be a variety of reasons why some bets may take longer to payout than others. The obvious one is when bookies are experiencing a high volume of business. This is often the case when there is a lot of horse racing on at the same time, as the result of each race and the settlement of all bets need to be checked by members of staff before being processed. Obviously, bookmakers only have a limited number of staff, so it can take a few minutes extra to settle bets in these busy periods.

Close photo finishes can also take a while to sort out. Before the development of high-pixel cameras, stewards could deliberate for what felt like an age before deciding whether one horse had won or whether it was a dead-heat. This time has been greatly reduced by advancements in technology, with stewards able to narrow gaps down to a single pixel to find even the smallest distance between two horses and declare a winner.

But stewards can still take an age deliberating over steward enquiries, another big reason why it can take longer than normal to settle bets. The rules of horse racing have tightened up how stewards’ enquiries are settled but the stewards can have quite a few things to consider before announcing their decision. They may also have to interview jockeys, and sometimes stewards enquiries may not be settled until after another race or two.

Expected foul play can also lead to bets taking longer to be settled, though this is only normally restricted to punters that stand to make larger than normal sums of money from the result.

How To Make More Settled Bets Winners?

Nothing beats the enjoyment of settled bets that are winners, and here at Betting Gods it’s our goal to try and provide you with lots of winners. We offer daily free tips for horse racing and other sports, which you can get by email. Our professional tipsters also offer subscription services, so you never have to miss a winning settled bet ever again.

You’ll also find lots of other betting advice articles here on the Betting Gods blog, which are all free-to-read. Happy punting!

FAQS & Terminology

Unsettled Bets Meaning

Unsettled bets refer to bets that have not yet been resolved or paid out. This can occur when the outcome of the event or market on which the bet was placed has not yet been determined, or when there is a delay in the settlement process due to factors such as technical issues or security checks.

For example, if a bettor places a bet on a football match and the match is postponed or abandoned due to weather conditions or other unforeseen circumstances, the bet may remain unsettled until a new date is scheduled or the bet is voided and the stake is returned to the bettor.

In general, unsettled bets are considered to be in a state of limbo, with the outcome uncertain until the event or market is resolved and the bet is either paid out or voided. It’s important for bettors to keep track of their unsettled bets and to follow up with bookmakers or betting exchanges if there are any issues or delays in the settlement process.

What if a result changes after a bet?

If a result changes after a bet has been settled, the outcome of the bet may be affected, depending on the specific circumstances and the terms and conditions of the bookmaker or betting exchange.

In general, if a result changes after a bet has been settled and the bettor has already been paid out, the bookmaker or betting exchange may have the right to reclaim the winnings if there is evidence of an error or irregularity in the settlement process. This is known as a “reversal” or “voiding” of the bet.

If a result changes after a bet has been settled and the bettor has not yet been paid out, the bookmaker or betting exchange may adjust the settlement to reflect the new result, or void the bet and return the stake to the bettor.

It’s important to note that the specific terms and conditions of the bookmaker or betting exchange will determine how bets are settled and what happens in the event of a result change. Bettors should read and understand these terms and conditions before placing bets, and should contact customer support if they have any questions or concerns about the settlement process.

Can a settled bet be reversed?

In general, once a bet has been settled, it cannot be reversed. Settlement of a bet is considered to be final and binding, and bookmakers or betting exchanges are not typically able to reverse or change the outcome of a settled bet.

However, there may be some circumstances in which a settled bet could be reversed, such as if there was a technical error or irregularity in the settlement process that resulted in an incorrect outcome. In these cases, the bookmaker or betting exchange may have the right to void the bet and return the stake to the bettor.

It’s important for bettors to carefully review the terms and conditions of the bookmaker or betting exchange before placing bets, and to understand the settlement process and any potential scenarios in which settled bets could be reversed or voided. If there are any issues or concerns with the settlement of a bet, bettors should contact customer support as soon as possible to resolve the issue.


3 thoughts on “What Does A Settled Bet Mean?”

  1. Is there a timelimit on wen a betting exchange can reverse a settled bet.

    Smarkets exchanged credited my account with winnings and reversed it five hours later stating that the horserace I placed it on in running was never turned in play.
    I would have used the winnings on that settled bet to wager on events before it was reversed leaving a negative balance now which means I would technically betting on credit for some time.

    Thank You

    Martin Carmody

    Reply

Leave a comment

Free Betting Tips, Direct to Your Inbox

Sign Up Today to Join Betting Gods for FREE and Receive Betting Tips Direct to Your Inbox Every Morning

Not Sure Who to Join?

These are the Top Performing Tipsters in May

In Form

BSP Profits

111 Winners Since January 2023
Total Profit:£3,286.57

£205.41

Per Month

31.01%

Win Rate

36.72%

ROI

£216.22

This Month

In Form

Premier Greyhound Tips

1,082 Winners Since October 2014
Total Profit:£34,782.60

£305.11

Per Month

27.33%

Win Rate

13.33%

ROI

£387.50

This Month

In Form

Systematic Betting

445 Winners Since September 2022
Total Profit:£2,034.52

£96.88

Per Month

38.88%

Win Rate

4.58%

ROI

£973.50

This Month