Looking to get an edge in betting? It’s important to know all the betting terms. One of the most important is a settled bet. Curious to know what this means? Then let me explain. Settled bets are a bet that a sportsbook has decided the result of and if it has won or lost. If you pick a winner, once the bet is settled, you will receive your winnings.
Join me as I get you up to speed on sports betting jargon and show you what happens after you’ve placed a wager.
What’s the Difference Between Unsettled and Settled Bets?
An unsettled bet is any wager that a sportsbook hasn’t determined if it’s won or lost yet. For example, if you bet on the Kansas City Chiefs to beat the New England Patriots and the game is still being played, the bet would be considered unsettled.
A settled bet is any wager where the result of the sporting event has been established, and the sportsbook has paid out the winning bets. For example, if the Chiefs ended up winning 20-17 against the Patriots and you received your payout, the bet would be settled.
It’s important to remember that just because the game is finished doesn’t automatically mean the bet is settled. The sportsbook still has to determine who won and lost and pay out the wagers to settle the bet.
How Do You Settle a Bet?
You don’t have to settle a bet, the process is done automatically by the sportsbook. They will check the result and pay out your winnings. However, if you believe there has been an error, you can contact the sports betting site and contest the ruling.
The sportsbook will then investigate and potentially alter their decision. If a loss-settled bet turns into a winner, you’ll receive your winnings.
How Long Does a Sportsbook Take to Settle Bets?
Online sportsbooks now settle bets very fast. Typically, bets will be settled within 30 minutes of the event result being determined. If you’re making prop bets, you’ll often get your payout before the game has even finished.
If there is a delay in your bet being settled, contact customer support. They’ll quickly determine the issue and get your wager resolved.
How Long Does a Parlay Take to Settle?
One of the most popular bet types bettors enjoy are parlays. Also referred to as combos or accumulator bets they allow you to add at least two or more selections to one overall wager. The total payout is increased, and will go up with the more legs you add, but that will also increase the difficulty. For your parlay to win, every leg must win.
So with it being to tough to win a parlay, when you do find success, it is a fantastic feeling. You have nailed your predictions and are now eager to get your hands on that money. While standard bets typically get settled in around 30 minutes as we have mentioned above, parlays can take a little longer to settle.
Ultimately the exact amount of time it takes to settle a parlay depends on a few factors. Some sportsbooks will settle them quicker than others, but also it depends how large your parlay bet is. For example, if you have just won a 12 leg parlay, first, congratulations, second, the sportsbook must check over every leg to ensure everything is in order before settling. Naturally with 12 legs this will take longer than a simple two leg parlay.
Parlays will still be settled quickly, if they still haven’t been settled within a couple of hours, we would recommend contacting the sportsbook customer support team.
What Happens When a Bet Is Settled?
After a bet is settled, the bet will move from the unsettled to the settled section of your wagers. If your settled bet won, your winnings will be automatically credited to your account based on your stake and the odds you received.
Why Has my Bet Not Settled?
Many punters over the years have posed this question to their sportsbook. If your bet is still showing as open, but the results for the events that you have ben on have been confirmed, you must check the information of the bet you have an issue with in the ‘My Bets’ section of your account. It may sounds obvious, but make sure the events you are checking on haven’t already finished and are currently in play. There have been a few times I have looked at historical bets and got mixed up.
If the bet remains open 30 minutes after the results were announced , contact the sportsbook directly. They deal with numerous issues such as this on a daily basis, and should be able to get any issues resolved quickly.
