Online Sportsbook Rules | Settlement of Bets
One of the most searched topic when it comes to betting on sports at online sportsbooks is how are bets settled. This could also qualify as one of the most important topics since some of these rules could determine the difference between a winning and losing bet.
Any online sportsbook you bet with should have a rules section posted on its website since there could be slight variations from one online betting venue to the next. However, there are some general rules for settling bets that are consistent across the sports betting industry.
At the top of the list is the rule that states, “The winner of an event will be determined by the official governing body for each sport on the day of that event’s conclusion.” This means that the NFL, NBA, NHL and MLB are the official governing body for those major professional sports leagues. The NCAA would be the governing body for all US college sports.
A good example of this rule would apply to professional golf. The PGA would be the governing body for an official PGA Tour event, but the USGA would be the governing body for the US Open, US Woman’s Open and US Senior Open along with any other events this organization presents.
For sports betting purposes, all results are final. Suspended games before the stated time limit, official protests and any overturned decisions after the fact will not be recognized. Minimum time limits for a game to be official are 55 minutes for both NFL and college football. This also applies to hockey games in the NHL.
NBA limits are 43 minutes and college basketball is 35 minutes. MLB games are official following the losing team’s fifth inning. Any extra play in overtime or extra innings will count towards the final results.
Any baseball run line or total line bets must go the full nine innings to be valid. For any prop bets on the actual winning margin of any game, that event must go the full allotted time to be valid.
All other sporting events will be considered official for betting purposes once the actual playing time is within five minutes of the scheduled playing time. A boxing round is designated to be underway once the bell is sounded.
A set period of time within in a game must be completed for bets to be valid. For example, first quarter or first half bets in football and basketball. Overtime is included for second half bets in football and basketball.
Most online books will automatically credit any winning bets to an online account within one hour of a game or event’s conclusion.
Another very important rule to remember is at all betting odds are recorded when the actual bet is placed. This is why it is very important to take note of the current odds on the board when placing that bet. For example, if you bet Dallas -7 against Philadelphia that is your closing spread no matter what happens to that betting line right up until kickoff.
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All parlay bets will revert down to the next lowest number of selections in case a game ends as a draw or push. For example, if you bet a four-team parlay and you win three games with a push, your actual payout odds will be based on three games. If this happens to be a two-team parlay with a push, it will be graded as a straight bet on a single game.
Another thing to always keep in mind is that any bet is not considered to be valid until that transaction is recorded on the betting account statement. Make sure to always check the ‘open bet’ section in your online betting account to verify it has been successfully placed.