Betting isn’t always straightforward. In most cases, you can bet on a given event, and the results will be clear; your bet has either lost or won. However, sometimes the results can change even after a bet has been settled. So, what do you do in such instances?
Results in sports change all the time. For example, athletes can be accused of doping, causing them to be disqualified and stripped of their titles or a formula one racer demoted to 4th position instead of 3rd.
Let’s look at what happens if the result changes after a bet has settled.
What Happens When A Bet Is Settled?
When it comes to settling bets, most bookmakers follow one rule. Bets are usually settled according to the results announced. Any changes that apply later will be disregarded, and the original result will stick.
If you have a winning bet, the bookie will never ask you to return your winnings. However, they might if an obvious error has been made. For example, let’s say Manchester United plays Liverpool, and you bet on a Liverpool win. Instead, Manchester United beat Liverpool 3-1, but you still got paid. You’ll more than likely have to pay the bookie back, as it’s a clear error.
What Happens If The Result Changes After A Bet Has Settled?
The change that most players fear is what happens if they bet on a given event and win, but the results change later. However, the circumstances could work in your favour if the results change and your bet becomes a loser, but you are already paid out. That’s because the bookies rarely ask you to give the payout back. Instead, they go off the initially announced result.
So, if you’ve already received your payout after a winning bet, that money is yours.
If the results change, the change affects the official sports results and not those the bookmakers went with.
If A Bet Has Settled Can You Cash Out?
Cashing out means getting a portion of a total payout back during the event you bet on. It’s an offer some bettors take up if they suspect their bet may end up losing.
For example, let’s say you wagered £10 on a Manchester United and Liverpool Premier League game. There could be a 1-0 score leading into the last 10 minutes where Man United is 1 nil up. However, you had bet on a Liverpool win and are considering the cash out option now. It would mean that you’d have to take the money on offer or ignore the option and wait for things to play out.
Cashing out lets you get a portion of the payout, which would be less than what you’d get if Liverpool pulled through and won the game. However, there are rules to the offer. For example, you can’t cash out after the bet has already been settled. This is because the results are already final, and the winners have received their payouts.
Can A Bookie Refuse To Pay Out?
Bookies typically don’t refuse to pay out when punters have won a bet. However, there are a few scenarios when they might.
For example, you cannot make a payout claim years or months later and expect them to hear you out. You’d need to speak to them within hours or days of the results announcement. A conversation with them might put your mind at ease, but the chances of them paying you back the total amount might be slim.
Other bookies might offer you cashback in terms of free bet tokens that you can use for future bets.
Another reason for refusal to pay out may be if you are in breach of the bookies’ terms and conditions in any way.
Even if the results change after a bet has settled, the payouts remain the same. The bookies go off the announced result upon the event’s conclusion, and any later changes are usually ignored.
However, ensure you always read the Terms & Conditions to know what to expect.