An official result is the final bet settlement decision that your sportsbook of choice makes after the outcome of the event you placed your wager on. It is based on the results received from independent data agencies and official resources. It can be different to the eventual result if results are changed later (e.g. due to retrospective disqualification).
An Official Result Explained
An official result is closely related to a settled bet. A settled wager means that the sportsbook you have placed a bet with determines the outcome, which can be either a loser or winner. Once your sportsbook settles a winning wager, you can claim your stake and winnings. If your bookmaker settles your bet as a loser, you will lose your stake as the bookie keeps it.
Within a few minutes of a match, race or contest being finished, the sports data providers send the official and final results to the sportsbook. The Application Programming Interface (API) of your bookmaker will then automatically publish the outcomes of the events to the contracts of the bookmaker to settle any outstanding wagers on the markets in question. From there, the bookmaker sends transactions to the proper protocols to activate the settlement of each wager.
Both punters and sportsbooks wait for all transactions to be mined, and that is why there is a slight delay from the time the events are over to winners receiving their payout. In most cases, this process can take anywhere between 10 and 15 minutes. Sportsbooks are always looking for ways to reduce this gap, and one of them is using blockchain technology to settle bets.
Many sportsbooks make it easy for you to know if your bet has been settled or not. They have a dedicated section that includes two areas; settled and unsettled wagers. The moment your bookie settles your bet, your account balance will increase if the wager is settled as a winner. From there, you can proceed to withdraw your winnings.
Official Result and Bet Settlement
As already mentioned above, there are two types of bets, which include settled and unsettled. Let’s assume you place a single bet on an EPL game where Liverpool is playing against Manchester United. In this game, you feel that Liverpool will win at home, and you decide to stake on them at odds of 2.50.
Before the game ends, your bet will be under the unsettled bets heading. But once the match ends and the official result is announced, your bet will be available under the title of the settled bet. If Liverpool has won the game, then your bet is a winner. On the other hand, if it has lost, your bet is a loser.
Common Official Result Rules
While the official result rules vary from one sportsbook to another, they do share some common features. On many online betting platforms, the official outcome is final for settlement except where some rules state the contrary.
All top betting companies determine the official result according to the data they get and their reasonable opinions, which are based on proven and available evidence. What this means is that your sportsbook must get correct and up-to-date results of the events that you placed your bet on before settling your wager or providing the official result.
What If The Result Changes?
Naturally bookies don’t wait hours after an event to see if the result will change so they settle bets based on the official results they get after an event. In the vast majority of circumstances results do not change but they can do on occasion for all sorts of reasons.
Let’s say you’ve bet on a horse to win a race and it wins, the bookie then pays you out. Later it is discovered that horse or jockey had contravened the rules and they are disqualified or down graded. This will not affect your original bet, if they have already paid out and settled the bet then it is finalised, no matter if the result changes later. Conversely you may have bet on the horse that finished second but later that is upgraded to the winner, but you won’t suddenly find your bet is a winner. Bookies pay out on the ‘first past the post’ generally even if that changes later.
Another example could be someone winning a gold medal at the Olympics but weeks later they are disqualified for taking drugs. The bookie will still pay out on the original result and will not pay out on the silver medallist who is upgraded later.