If you check your bets from a bookmaker, you may notice different terms used to describe the status of your bet, which you may not understand. One of these betting terms is "settled". In this Wizard Slots blog post, we will discuss what a settled bet means and how long bets take to settle. Continue reading to find out!
What Does "Settled Bet" Mean?
In the simplest terms, a "settled bet" is a bet where the result has been determined. Once a bet has settled, you will know whether you have won or lost your bet. If you have won, you can claim your winnings from the bookmaker.
How Long Does It Take For A Bet To Settle?
Depending on the type of bet you place at the bookmakers, the result can be instant, or it may take a while to settle. Typically a bet is settled not long after the sports event has finished. With some events, the bet may be settled instantly, whereas other events may take up to an hour or more.
However, even if the result is known, there are times when the bet may not settle straight away. There are a few reasons why a bet may not settle immediately. A bet may not settle immediately if there are any technical issues. With some sports, such as Formula One and horse racing, technical issues may cause a delay.
Another reason why a bet may not settle right away is that the result is not yet official. Sometimes, it will take longer to know the outcome of an event. For example, in horse racing, there are a number of factors that will need to be checked first, such as weighing procedures.
Why Is My Bet Still Open?
If you notice your bet is still open, you may question why. Some of the most common reasons a bet may still be open is if the event hasn't started or finished yet, there is a delay in settling the outcome and hasn't been officially confirmed, or many bets need to be settled at the same time. It is worth knowing that live bets are generally settled during the event. Pre-match bets are usually settled once the event has ended.
What Does "Unsettled" Mean?
In sports betting, "unsettled" means that a bet has not been settled or paid out. Once an event has finished, it will take time for the result to be official. There are many reasons for a potential delay, such as technical issues. Once the bet has settled, your balance will be updated if you have won.
What's The Difference Between Settled & Unsettled Bets?
Settled and unsettled are terms used to describe the status of your bet at a bookmaker. They both refer to the result of a bet; however, they mean very different things.
A settled bet is where the outcome of the bet is known. You will know whether you have won and how much. An unsettled bet is where the outcome of the bet is yet to be known/confirmed. If your bet is unsettled, don't worry, your bet is still there! It will update as settled once the outcome of the event and bet is known.
