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Settled Bet Explained

Settled Bet Explained

The term settled bet refers to an essential part of the betting process that signifies the status of the wagers that punters place with bookmakers. But what exactly does it mean, and why does it matter?

In this guide, we will explore the process of settling bets on sportsbooks and provide insights into how your wager outcomes are handled. Some of the key points we will examine include:

  • What does a settled bet mean?
  • How long does it take for a bet to settle?
  • What is the difference between settled and unsettled bets
  • How to win more settled wagers
  • Why is your bet still open?

What Does a Settled Bet Mean?

In the simplest terms, a settled bet refers to the wager on a sports event whose official result is known and the bookmaker has resolved. The resolution of settled wagers generally takes one of three forms: a loss, a win, or a void/push. When a punter’s prediction for a wager proves accurate, the bet settles as a win, and the bookmaker pays out winnings according to the odds and stake amount. But if the prediction proves wrong, a bet will settle as a loss, resulting in a punter losing their stake to the bookies. However, there are occasions when a wager gets voided for some reason, in which case the bet settles as a push, and the bookmaker refunds the punter’s stake.

Ultimately, settled bets have either won or lost, signifying the end of the betting transaction and the resolution of the wager. The wagers that haven’t started yet or are currently still in play are known as “Unsettled,” “Open,” or “Active” bets. Most sportsbooks have folders for settled and unsettled wagers in their sports betting section.

What Happens to Settled Bets Online?

Due to its convenience and flexibility, online sports betting has become a popular phenomenon in the industry and a go-to option for most punters over the last few years. The beauty of betting online is that bet settlements are usually instantaneous, thanks to the state-of-the-art computer systems in place. The moment the result of a punter’s selection is determined, online betting sites will settle the bet depending on the outcome. The online sportsbook either automatically releases winnings into your betting account when the prediction is correct or keeps the stake for a losing selection. With online platforms, you can usually quickly view the progress of your wager.

Another significant upside to settling bets online is that most betting sites offer a cash-out feature to settle bets manually. This feature allows a bettor to immediately guarantee payout or cut losses in exchange for closing the wager before it settles itself. It is especially useful for punters who later become unsure of the prediction that they made.

What Happens to Settled Bets in Betting Shops?

If you want to place your bets at brick-and-mortar betting shops, you should know that the betting process and bet settlements are slightly different. To place wagers at these shops, you will usually have to write down your selections on paper, which you will then give to one of the staff who will process it. These days, bookmakers use a computerized system to process and settle punters’ wagers. So, once the bet is made, you will get a printed paper betting slip containing all the wager’s booking codes and other necessary details.

Unlike the online platform, you will usually have to manually settle bets by finding out the result of your selection(s). If it pans out right, you only need to take the bet slip to the shop for settlement. In this case, the bookmakers settle the bet immediately once they determine that the selection’s outcome matches the prediction. But sometimes, you may need patience to get your winnings, especially when the bookies are busy attending to other punters.

What Happens to Settled Bets with On-Course Bookmakers?

Many punters who attend their favorite sporting event usually prefer to place their bets via the on-course bookmakers. The betting process and settlements that work with these bookies are similar to betting shops.

Here, you tell the bookies what wagers you want to place or write down, and they will, in turn, process it and hand you a neatly printed ticket. This ticket typically contains all the necessary details about a bet, from the selection made to the odds, stake amount, potential winnings, and booking code.

When the race or sports event finishes, the on-course bookmakers will print out all the winning wagers. As punters with winning tickets come for validation, they settle the bets and pay the appropriate amount to the winners. In the case of horse racing events, you can usually settle each-way bets or other wager types and collect your winnings even before the next race kicks off.

How Long Does It Take for a Bet to Settle?

Due to the sheer number of options available to bettors today, bookmakers compete in every aspect to be considered the better platform. Fast bet settlement is a core area of this competition, so most sites tend to settle punters’ wagers almost instantaneously. Bet settlement usually begins as soon as the official result of a sporting event is generally known.

For example, let’s say that you staked on Barcelona to beat Sevilla in a game. As soon as the final whistle, the bet settlement process starts. However, depending on the bookmaker, this can take longer. Generally, it is usually within a 30-minute window but can go up to 1 hour at the maximum after the game. You should also note that to settle a patent bet or any other form of multiple or accumulator bet, you will usually need to wait for the results of all the selections within the wager.

Often, bookmakers settle wagers even before the conclusion of an event, especially when the bet type is not tied to the game’s outcome. For example, let’s say that in a football game between Manchester City and Liverpool, you selected Erling Haaland to be the first goalscorer with a $100 stake at a 3.00 odds price. In that case, the wager will settle as soon as the first goal in the game comes in. Haaland scoring that first goal will result in settled bets to the value of three times the payout of $300 (i.e., 3.0 x $100). But if any other player on either team scored first, your bet settles as a loss, and you lose the $100 stake. Ultimately, wagers settle once the result of the selection has been unconditionally determined.

Why Do Some Settled Bets Take Longer to Pay Out?

In the old days of sports betting, bookmakers usually settled wagers manually. Unsurprisingly, this process was typically slow, as bookies needed to be meticulous in their operations. However, automated computer systems have taken over for online and offline betting scenes. It sped up the betting process and made the settlement of wagers almost instantaneous after an event’s conclusion.

However, even with the automated systems in place, there are situations where bet settlement gets delayed and takes longer even after the outcome has been determined. This delay can happen due to several reasons. The most common scenario occurs when sports betting sites are experiencing a high volume of betting traffic, especially in land-based betting shops. When there are many wagers that a bookie’s settle bets calculator needs to handle, delays can happen to the payouts.

Also, in the case of horse racing, there are situations where the race ends in a pretty close finish. In this case, a photograph of the runners while they are crossing the line would need to be examined to determine the winner. It is called a photo finish. Naturally, this process can delay the results, which will, in turn, delay bet settlement and payout. Thankfully, the photo finish verification is usually only a matter of minutes nowadays.

Another factor that can result in delayed payout of bet settlement is foul play. If a bookmaker suspects that dubious play is afoot in a punter’s betting activities, they may postpone the payout and launch an investigation. It typically results in a significant delay till the investigation is concluded. And if the bookmaker deems the bet to be fixed in any way, they may take action to void it entirely.

The Difference between Settled & Unsettled Bets

As mentioned, when you place wagers online or offline, your wager will typically fall under two distinct categories: settled and unsettled. The former refers to a bet whose outcome has been determined and appropriate action taken by the sportsbook. Conversely, the latter refers to a bet not settled yet. It typically means an active/open bet on an event that hasn’t played out yet. But it can sometimes refer to a wager taking longer to settle after the event. The table below shows the differences between the two.

Settled Bets Unsettled Bets
The outcome of the selection has been determined and finalized The outcome of the prediction is yet to be determined
The wager has resulted in a win, loss, or a push The result of the wager is pending
Bettor knows the wager’s outcome and can collect their winnings (if applicable) Bettor is still waiting for the outcome
They are typically concluded and not subject to cancellation or any changes Depending on the preferred sportsbook, they can be canceled, modified, or adjusted

How to Make More Settled Bets Winners?

For every punter, nothing beats having their settled bets come out as winners, especially when the payout is sizable. However, winning is not guaranteed, as sports betting, at its core, is inherently unpredictable. Achieving success requires a combination of skill, strategy, discipline, and a bit of luck. 

That said, here are some tips that can help you increase your chances of having more wagers settle as winners:

  • Do your research: Research is key to any successful settled wager. So, before placing a bet on any event, make sure to do thorough research on the teams and players involved. Analyze their recent forms, performance statistics, head-to-head records, injuries (if any), and other relevant factors. It will help you make informed betting decisions.
  • Find value bets: It can be quite tempting to bet on every event that comes your way, but doing so usually leads to disaster, as not all wagers have value. So, it would help if you were selective with your bets by finding the ones with the best winning chances at the most favorable odds.
  • Use betting strategies: You can also explore and implement different betting strategies when placing wagers. An effective betting strategy will provide a more structured approach to your wagers and increase your profitability in the long run.
  • Track and learn from your previously settled bets: Most experienced punters record their previously settled wagers for both the wins and losses. It would help if you also made this a habit and objectively analyzed the wagers’ bet types, stakes, odds, and outcomes to see what worked and what didn’t. Doing this will help you make more informed decisions and improve your overall success rate.
  • Bankroll management: Ensure you set a budget for your betting activities and stick to it. Proper bankroll management will help you stay in control of your betting activities, ensuring that you don’t risk more than you can afford to lose.
  • Specialize in specific sports and markets: Instead of spreading your wagers across multiple sports while using different bet types and markets, you can focus on a particular niche. It will allow you to develop a better and deeper understanding of that sport and market, which will, in turn, help in making more accurate predictions.

Why Is My Bet Still Open?

As mentioned, there are several reasons why a punter’s bet will still be open. The most obvious reason is when the event you staked on hasn’t started or finished yet. In this case, the bet won’t settle and remain open until the outcome is determined. Another reason could be that official sources have yet to confirm the results. For example, in the case of horse racing events, sports betting sites often wait for the standard weighing-in system to verify that the jockey started and finished the race with the allocated weight. But once a race’s outcome is determined, the wager will naturally settle.

You should also note that while the premises are the same, bet settlement rules and operations can sometimes vary between bookmakers. So, we will now explore settled wagers on some of the top online sportsbooks in the betting scene today.

Settled Bets on bet365

As one of the biggest brands in the betting industry today, bet365 always settles its punters’ wagers as soon as possible. The sportsbook typically settles all bets within the hour the sports event finishes, and the outcome is known. However, wager settlement for some in-play wagers usually happens whenever the result is available during the event.

bet365 Review

bet365 Bet Not Settled

As mentioned, there are many possible reasons why sportsbooks won’t settle wagers. For example, on bet365, a bet won’t settle when the event in question hasn’t played out yet or when bet365 awaits confirmation of official results. It can also happen due to technical glitches from the bookie’s data provider or when a large volume of settlements can be made.

How to Settle a Bet on bet365

The automated system of bet processing being used these days has made wager settlement an automatic process at bet365 and other sportsbooks. Your wager will settle immediately as long as the outcome has been determined. If your prediction matches, the wager settles as a win, and you receive your winnings. But if the wager loses, it settles as a loss, and you lose the stake. 

And while it is a rare occurrence, it is possible to find a wager that takes too long to settle even after the official result is known. There are even rare cases where, on Bet365, you settled a bet wrong, resulting in a loss instead of a win. In either case, you must manually contact the bet365 customer support service to settle the wager. The customer representatives will review the bet and give a prompt resolution.

You should also note that bet365 has a cash-out feature, which allows punters to settle their singles or multiple wagers for partial payment, even before the event ends.

How to Check bet365 Settled Bets

Punters can always check out the status of their settled wagers at bet365 to see whether they resulted in a win or loss. To do that, all you need to do is follow these steps:

  • Log in to your bet365 account
  • Navigate to the “My Bets” section of your account
  • There, you will find a list of different bets-related categories
  • Click the “Settled” option
  • Alternatively, you can go through the route of your bet365 account history

It will reveal all your wagers concluded at the sportsbook, including details like the event, bet type, stake amount, win/loss, etc.

Settled Bets on DraftKings

Like most top brands today, DraftKings prides itself on processing prompt and accurate bet settlements. As soon as the result of a game is officially out, the bookie will settle the wager and take the appropriate action, depending on whether the wager won or lost. This bet settlement typically happens shortly after a game ends, usually within a few minutes up to an hour. However, depending on several factors, this can take longer.

DraftKings Bet Not Settled

When betting at DraftKings, punters may find that their wagers remain in the “Open” category (i.e., unsettled) even after the selected game is over. This delay can happen due to many reasons. The most obvious is when a game’s result is inconclusive, such as when two horses seem to reach the finish line simultaneously. DraftKings won’t settle horse bets like this until the official results are confirmed. Delays in bet settlements can also happen at DraftKings due to high-traffic betting volumes, technical glitches, and a few other issues.

How to Settle a Bet on DraftKings 

Bets at DraftKings typically settle automatically once the result of the wager is known. However, some punters can find that their bet is taking longer than usual time to settle. In such a case, you must contact DraftKing’s customer support service. You need to provide your bet slip number, and the support representatives will attend to it and get back to you with a prompt resolution. Punters who believe that DraftKing wrongly settled their wagers can also contact the support team for resolution. 

Like most leading bookmakers, punters can also use the cashout feature to settle their wagers on an event before its end manually.

Settled Bets on DraftKings

draftkings.com

How to Check DraftKings Settled Bets

Checking up on the results of your settle my bet section is pretty easy at DraftKings Sportsbook. You need to follow these steps:

  • Sign in to your DraftKings betting account
  • Navigate to the “My Bets” section under your account
  • From the page that opens up, select the “Settled” option
  • Alternatively, select either the “Won” or “Lost” options

It will then reveal the list of all the previous wagers in your betting history that DraftKings has settled as either a win or loss.

Settled Bets on Bovada

Like most reputable betting brands, Bovada settles its punters’ bets pretty quickly. As soon as the official result of your selected outcome is known, Bovada will settle the wager and take the appropriate action. The action typically involves paying out winnings, taking away the punter’s stake, or voiding the wager, depending on the result. It can also settle dead heat golf bets or those of other sports and give a partial payout. Bovada’s bet settlement process normally takes between 10 and 25 minutes after the wager results are confirmed, but it can also take longer in certain cases.

Bovada Review

Bovada Bet Not Settled

While it doesn’t happen often, bet settlements can sometimes be delayed at Bovada. It typically happens for many reasons, one of which is when there is a delay in the official result of a game on the part of the sports league or governing body. It can also result from technical issues on the part of Bovada’s bet grading data provider or a general issue on the bookmaker’s platform. The volume of betting traffic on the site can also delay the settlement of wagers.

How to Settle a Bet on Bovada

Although Bovada generally tries to settle wagers within a few minutes, there are times when punters’ wagers remain open even hours after the result is known. In such a case, you must contact Bovada’s customer service representatives to look into it with the slip number. They will give you a prompt response and resolution as soon as possible. It would be best to do the same when you think the bookmaker wrongly settled your bet. However, such occurrences are rare at Bovada and other top sportsbooks, thanks to the automated systems being used.

Also, note that Bovada provides its punters with a cash-out feature, which allows them to manually settle bets before the conclusion of the selected game.

How to Check Bovada Settled Bets

To check out settled bets record on Bovada, all you need to do is follow these steps:

  • Log in to your Bovada account
  • Navigate to the “Activity” section under your account
  • From the list of options revealed, click the “Settled” tab

That’s all. Once you click the button, you will find a record of all the settled wagers you placed in the sportsbook, including the ones you won, lost, or voided.

Settled Bets on Betika

Betika also settles its punters’ wagers once the full result or outcome of the event or market is known. It is usually almost instantaneous, up to a few minutes after the results are known. However, this can sometimes also take longer.

Betika Review

Betika Bet Not Settled

As mentioned, bet settlement can take slightly longer at Betika. It can happen for some reasons. First, you need to confirm that the event or events (in the case of multiples) have all concluded and the results are known. A delay after an event could happen for several reasons, such as a photo finish to determine the winner of a race or technical issues with the bookmaker.

On days when a lot of action occurs, the high volume of wagers in the queue can sometimes result in settlement taking much longer.

How to Settle a Bet on Betika

Betika does its best to ensure that its punters’ bets settle correctly, even if it takes longer. However, if it seems like your wager remains unsettled long after the result is known or you believe it settled incorrectly, Betika provides an avenue for resolution. All you need to do is contact the Betika customer support team and provide them with the wager’s slip number. Once you do that, the support representative will check out the wager and give you a prompt resolution. You also have the option to utilize Betika’s cashout function for early bet settlements.

You can also follow this same process on other sportsbooks. For instance, if on Paddy Power your bet is not settled or settled wrongly, you should contact the customer support team for help.

How to Delete Settled Bets on Betika

When you place a bet on Betika online and it settles, the record stays on the bookmaker’s servers. With this, punters can easily check their settled bet history anytime they want to check something or analyze their wagers. Punters sometimes want to delete these records from their Betika account for different reasons.

Thankfully, the process is pretty straightforward. All you need to do is follow these quick steps:

  • Sign in to your Betika account
  • Click the “Bet History” button (on the website) or tap the “My Bets” icon on the app
  • You will then see the different won or lost settled bets you have made over time
  • From there, you can delete any settled wagers

You can also follow a similar process to delete settled bets on Skybet or any other popular bookmaker.

Settled Bets on Betway

Betway lives up to its reputation as one of the best sportsbooks out there and settles punters’ wagers usually within a matter of minutes. So, as soon as the outcome of a player’s selection has been released by the officials in charge of the sport, Betway will immediately settle your bets. Whether it will be to pay out winnings or take the punter’s stake will depend on whether the player’s prediction matches the outcome.

Betway Review

To check settled bets on the Betway bookmaker, log in to your Betway account and navigate to your account menu. Once there, you will find a list of options, including “Settled Wagers.” Click that to see all your settled wagers on the sportsbook.

Betway Bet Not Settled

While Betway is known for prompt bet settlements, there are times when punters discover that their wagers are still open when they should have been settled. Such situations can happen for several reasons. The most obvious is if the selected game hasn’t been played to completion yet. It can also result from delayed release of official game results in amateur and smaller leagues. Also, a big action event with tons of wagers to be settled can cause a slight delay in the settling process.

Maintenance or unforeseen technical issues on the Betway platform or any related third-party data provider can delay bet settlement.

How to Settle a Bet on Betway

If your bet remains unsettled even after the official game result has been out for a while, you should contact Betway support. Once you provide the Betway customer support service with the wager slip number, they will check it out and resolve the issue promptly. The same goes for situations where you think Betway wrongly settled your wager.

Betway also provides its punters with a real-time cash-out feature, which you can easily use to manually settle wagers before the event ends.

How to Delete My Settled Bets on Betway

To delete settled bets on the Betway app or site, all you need to do is follow these quick steps:

  • Log in to your account
  • Go to your personal account section
  • You will find different options, including “Settled Bets” and “Game History.”
  • Open the history tab
  • Delete any settled wager of your choice

Settled Bets on Fanduel

As another top brand in the betting scene, FanDuel bookmaker typically aims to settle punters’ wagers as quickly as possible. Once the sports leagues or governing body responsible for a game has published the result, this bookmaker will settle the bet, usually within minutes. However, like most sportsbooks, this can take longer on some occasions.

To find settled bets on the Fanduel bookie, navigate to your account’s “My Bets” section. Once there, you will find both active and settled wagers tabs. Click “Settled” to reveal all the won and lost wagers in your betting history.

Fanduel Bet Not Settled

There are some reasons why a punter’s bet won’t settle at Fanduel. Like in most cases, the most obvious is if the game in question hasn’t taken place yet or is currently in play. This bookmaker can only settle wagers that have known results. Bet settlement can also be delayed at Fanduel due to the third-party data provider they get feeds from for bet grading. Any delay from this provider will naturally delay the settlement of wagers at the sportsbook.

This issue can also arise due to delays in official results from the league or body involved, especially when an outcome is unclear and still needs verification.

How to Settle a Bet on Fanduel

As mentioned, the automated system for bookmakers today has made bet settlements fast and seamless. However, while it is rare, there can be instances of delayed or incorrect wager settlement on this bookmaker.

To resolve such issues, all you need to do is contact the customer support service center for Fanduel and provide them with the wager slip number. The bookmaker’s support agents will attend to the problem and give you a prompt response as to why the bet won’t settle or a resolution (if applicable).

Settled Bets on FanDuel

fanduel.com

How to Delete Settled Bets on Fanduel

For whatever reason, if you want to delete settled bets on your Fanduel account, all you need to do is follow these steps:

  • Log in to your Fanduel account
  • Navigate to the account menu and Click the “My Bets” button 
  • If you are on the app, select the “Bets” tab on the bottom center and tap the “Settled” option

It is where you will find all your previously settled wagers at Fanduel.

Settled Bets on William Hill

William Hill also prides itself on providing its punters with fast services, which translates to settling bets. It usually takes 30 minutes to settle bets at the bookmaker. However, you should note that on some occasions, it may take a little longer for this bookie to resolve its punter’s wagers.

William Hill Review

William Hill Bet Not Settled

As mentioned, William Hill works extremely hard to ensure its punters’ bets settle quickly. However, some wagers sometimes have delayed settlements, even after the event has finished. It typically happens when the bookie cannot get the official result, a loss of feed from the data feed provider, or a technical error.

Note that these issues are not limited to a sportsbook. For instance, on Ladbrokes, a bet is not settled immediately; if their third-party data provider suffers glitches, the game is inconclusive, or an investigation is needed for the wager.

How to Settle a Bet on William Hill

William Hill settles its punters’ bets based on the result/data provided by its official results provider. So, while the bookie aims to settle all wagers correctly as soon as possible, delays can sometimes happen. As such, the sportsbook encourages punters to let their team know whenever such delays happen. You only need to contact the customer service team and give them the bet slip number. The team would immediately work on the issue and give you a prompt resolution on the issue. You can also do the same if you think your bet settled incorrectly at William Hill, and the staff will check it out. Such occurrences are quite rare these days, though.

Settled Bets on William Hill

williamhill.com

How to See Settled Bets on William Hill

To see the settled wagers that a player has on their account at William Hill, all you need to do is follow these quick steps:

  • Login to your William Hill account
  • Click on the “My Bets” tab via the bet slip
  • From the list of sections under the My Bet tab, select the “History” option for the last 48 hours record
  • Alternatively, you can go to the “My Bets” section of your account to find the full history

It will reveal all the previously settled wagers a punter placed with William Hill, showing both wins and losses.

Final words

Settled bet meaning in sports betting, refers to the conclusion of a wager. A bet typically settles when the selection outcome is determined, and the sportsbook takes the appropriate action to resolve it. Whether the resolution will be a win, a loss, or a void wager depends on the prediction matching the outcome.

While most leading sportsbooks generally settle their punters’ wagers within minutes of an event ending, it can sometimes take longer for several reasons. But if your bet doesn’t settle long after the event has been concluded or is settled wrongly, you should contact the bookmaker’s support team, who will resolve the issue.

Remember that winning your settled bets doesn’t hang on luck but requires a combination of skill, discipline, and strategy. So when placing wagers, conduct in-depth research, use practical strategies, find value wagers, learn from records, and manage your bankroll wisely. While winning isn’t guaranteed in sports betting, these tips will significantly increase your chances of success for long-term profitability.

Frequently Asked Questions

  • What does a settled bet mean?
    A settled bet refers to a wager whose outcome has been determined and the sportsbook has taken appropriate action to resolve it. This resolution can mean a win, a loss, or a voided wager.
  • What if a result changes after a bet?
    On the rare occasion that the results of a selection change after it has been settled, the wager’s outcome may be affected. However, this will depend on the circumstances that caused the change and the bookmaker’s terms and conditions. If a bet’s result changes after it has settled, the bookies may have the right to reclaim their winnings.
  • Can a settled bet be reversed?
    Generally, once a bet’s outcome is determined and its settlement has occurred, it is considered final and binding and cannot be changed. However, some exceptional circumstances may be where a bookmaker can reverse a settled bet. For example, in cases of technical errors or wrongly settled wagers. That is why it’s crucial to check out the terms and conditions of an online bookie to understand the process before joining.
  • How long do bets take to settle?
    The time it takes for bets to settle often varies from one sportsbook to another and can sometimes be influenced by many factors. However, most are usually resolved within minutes of the selected event ending.
  • Do all settled bets payout instantly?
    No, not all settled bets pay out winnings to players instantly. Due to various factors, some wagers may take longer to pay out, even after they have been settled.
  • Why do some settled wagers take longer to pay out?
    There are several reasons why some bets take longer to settle and payout. It can happen due to delays in receiving official results, disputes over outcomes, technical glitches, etc. Also, many wagers in the queue can cause a slight delay in settlement for some bookmakers. You should note that the reason for longer bet settlements may vary from one bookmaker to another.
  • Is there any use to settle bets?
    Settled bets are crucial as they form the basis for payouts or losses. They close the betting process and allow punters to learn from past activities.
  • How long does William Hill take to settle bets?
    William Hill usually takes no longer than 30 minutes to settle its punters’ bets. Once the results of a game are officially released, the sportsbook starts working on the settlement, which is usually near-instantaneous.
  • How long do bets take to settle on bet365?
    bet365, like most top betting sites, typically processes its punters’ wagers as fast as possible. It can take anywhere between a few minutes to an hour. However, there are occasional scenarios where bet settlements at Bet365 may take longer for some reasons.
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    Jimmy E
    Author
    Writer & Tipster

    Jimmy is our on-duty tipster and writer. His favorite sports are cricket, tennis, and basketball. If you’re looking for the best betting tips in the business, Jimmy’s your guy. His tips and events previews are among the most read at BetZillion.

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