Definition
Bet
Also known as Punt
By Abhinav VasudevanReviewed Editorial policy
In short
A bet is an agreement to risk money on an outcome, at agreed odds, settled when the outcome is known. It is the basic unit of gambling and the thing every other term on this site ultimately describes.
A bet has four parts, and almost every dispute between a bettor and an operator comes down to one of them being less settled than the bettor assumed.
The four parts
- The selection: what you think will happen.
- The stake: how much you are risking.
- The odds: the price at which the bet was struck, which fixes the payout.
- The settlement rules: what counts as the outcome, and what happens if the event does not go to plan.
The first three are visible on the bet slip. The fourth is in the rules, and it is where the surprises live. What happens if a match is abandoned at 80 minutes? If a player is substituted before touching the ball? If a horse is withdrawn at the start? Each of these has an answer, it varies between operators, and it is usually not the answer you would guess.
Odds are a price, not a prediction
The odds attached to a bet are set to balance the book and turn a profit, not to express the bookmaker’s honest estimate of probability. Built into them is the overround, the margin that makes the implied probabilities of all outcomes add up to more than 100%.
This is why “the bookmaker thinks it is 60% likely” is not quite right. The quoted price implies 60%, but a slice of that is margin. Removing it to recover the bookmaker’s actual estimate is called devigging.
Once struck, the price is fixed
A bet is settled at the odds showing when it was accepted, not at the odds at kick-off. If you back a team at 3.00 and the price drifts to 4.00 by the start, you are still paid at 3.00.
Two exceptions are worth knowing. Best odds guaranteed, common in horse racing, pays the higher of your taken price and the starting price. And on a betting exchange you can trade out of a position at the new price rather than waiting for the result.
Bets that do not lose
Not every unsuccessful bet loses. A void bet is cancelled and the stake returned, typically when an event does not take place or a player does not participate. A push happens when the result lands exactly on the line, a team wins by precisely the spread, and again the stake comes back. Neither counts as a win or a loss, which matters inside a parlay, where a void leg usually shortens the bet rather than killing it.
Common questions
What makes a bet valid?
A selection, a stake, agreed odds and settlement rules. The first three appear on your betslip. The fourth lives in the operator's rules and decides what happens when an event is abandoned, a player withdraws or a result lands exactly on the line.
Can a bookmaker cancel a bet after I have placed it?
Yes, under the palpable error clause every operator carries, if a price was obviously wrong. It can be applied after settlement, including on bets you have won. Regulators have acted against operators who use it too freely.
Is a losing bet always a loss?
No. A void bet returns your stake when an event does not take place, and a push returns it when the result lands exactly on the line. Neither counts as a win or a loss, and inside a parlay a void usually shortens the bet rather than killing it.