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What is 'Settlement'?

Settlement is a term used to describe the action of finalising the outcome of an unsettled bet. A settled bet is any type of bet which has been assigned a final result with any relevant winnings paid out. If the selection lost and no winnings are due, this is still considered to have been settled.

'Settlement' Explained

Whether placing a bet at a high street outlet, online or at a casino, the final declared result will lead to the settlement of your bet. The possible outcomes of a settled bet are either win, lose or void. There are a number of reasons why a bet could be settled as void, such as the abandonment of an event, a selection being a non-runner (not including ante-post racing bets) or if the bet has been placed after the event has begun.If you have placed an accumulator bet then the wager is not considered settled until every selection has completed its respective event. For example, if you had a five-fold accumulator on a horse race and the first selection lost, the overall bet would still remain active until all horses had run. There are a number of reasons why this is important, primarily that results can be overturned. However, some bookmakers also offer cash back and other promotions on accumulators if one selection fails, which can't be determined until all events are complete.Each bookmaker and casino sets out their own detailed terms and conditions as to how the deal with bet settlement. These terms can include the time taken for a winning bet to be paid which can vary considerably depending on the type of event and location. For instance, while many UK bookmakers are able to pay out almost immediately on UK horse and greyhound racing events, the settlement period will typically be longer while waiting for confirmed results on international races.