How Long Do Bets Take to Settle?

When you place a bet, you enter into a contract of agreement. You hand over your stake money to back a particular outcome and the bookmaker pays out your winnings if your selection lands. Just because a game, fight, race, or tournament has ended doesn’t mean the bet is automatically settled. The bookmaker must still determine who won or lost and pay out the wagers to settle the bet. Even once the result is known there are some bets that don’t settle as quickly as others.

Steps of the bet-settling process

• Verify the outcome
• Figure out which bets won and lost
• Compute the rewards
• Update every bettor’s account

When participating in online sports betting, settling of bets usually happens quickly. Online sportsbooks use cutting-edge technology and secure payment methods. They will often settle bets within 30 minutes after a result is official.

If your bet wins, the winnings are automatically credited to your account based on your stake and the odds you received. If you make a prop bet, you may even get a payout before the end of the game.

Some bets settle quicker than others

Some bets take longer to settle than others for various reasons. Bets for larger leagues may settle more quickly than those for small, obscure leagues. Delays may happen due to technical problems, disputes, or unexpected events.

A delay can happen due to the nature of the sporting event. In the case of a football match, the result is official once the whistle blows, but betting on horse racing is a little different. The result is only official after the jockeys weigh in which can delay settlement for a while. This is to ensure no jockey has an unfair weight advantage during a race.  

Technical glitches

Another reason why bets may not settle quickly is due to technical issues. In Formula 1, technical issues may arise in the course of a race that may delay announcing the winner and settling of bets.

Technical glitches can also occur when settling bets. Most bookmakers get results from third-party sources. If a feed goes down or other technical difficulties occur, it can cause delays in settling bets.

It’s impossible for bookmakers to manually settle debts and finalize results in-house for all the markets they cover on a daily basis. They need to use technology to automate processes and save time. Accurate, real-time data empowers them to make fast and reliable settlements. However, with extensive use of technology, technical issues can cause delays.

Disputes about the results

In a horse race that goes to a photo finish or where there’s a steward’s inquiry, announcing a result can take a while. In any dispute, bookmakers must wait for an official decision.

Unexpected events

A freak weather situation or crowd trouble might temporarily halt a game. These events are out of the control of sportsbooks. Those looking to get quick cash are likely to be disappointed when games are postponed. If a game isn’t concluded in full, bets may be refunded.

Some sportsbooks consider postponed games void unless they are played within the same scheduling week. Unlike other major sports, MLB considers partially played games official as long as teams have played enough of the game. 

Why do bookmakers want to settle bets quickly?

Bookmakers know that they need to settle bets quickly and accurately to retain the trust of customers. Their reputations are at stake. Guaranteeing consistent and accurate bet settlement can give them a strategic edge in a very competitive environment.

If your bet hasn’t been settled a long time after the official result, you should get in touch with customer support. The use of chatbots for customer support ensures you can get a quick response. The chatbot will pass you on to human support staff when necessary.

In the event of a dispute, a bookmaker should be able to give you a clear record of bets, odds, and results. Accurate settlement data can clear up most disputes. Bookmakers need to prioritize quick and accurate settlements to comply with strict industry regulations and safeguard their ability to carry on operating.