What does an open bet mean?
An open bet is a type of wager that remains unsettled until the outcome of the event is confirmed.
This type of bet can apply to both pre-match bets, where the event hasn't started yet, and in-play or live betting, where the odds can change as the event unfolds.
The bet remains open because the final result is still pending, and it will be settled once the event concludes and the result is confirmed. This allows bettors to keep track of their position until the event is finished.
How does an open bet work?
When you place an open bet, the outcome is not settled immediately. Instead, the bet stays open until the event is completed and the result is confirmed. This could be for a pre-match bet or in-play betting.
Example:
- Pre-match open bet: You place a bet on a football match between Manchester United and Chelsea. The odds are locked in when you place the bet, but the bet remains open until the match finishes, and the result (win or loss) is determined.
- In-play open bet: You place a bet on a tennis match between Jannik Sinner and Coco Gauff. The odds change during the match based on the score. If you place a bet while Jannik is leading, but the odds shift as Coco catches up, your bet stays open until the match ends and the winner is decided.
Once the event concludes and the result is determined, the bookmaker will settle the bet. If you’ve won, the winnings will be added to your account. If you’ve lost, the stake is deducted.
Common types of open bets
Pre-match open bets
These are placed before the event starts. The bet remains open until the event concludes, and the outcome is confirmed. They are common in most traditional sports betting.
Example: If you place a bet on Liverpool to beat Arsenal before kick-off, your wager stays open throughout the ninety minutes and is only settled once the final whistle blows.
In-play (live) open bets
In-play bets are placed while the event is in progress. The odds fluctuate in real-time as the action unfolds, and the bet remains open until the specific market or the event itself concludes.
Example: You place a bet on Carlos Alcaraz to win while he is midway through the second set. Even though the odds were taken live, the bet stays open until the match reaches its conclusion.
Accumulator (Acca) bets
These are open bets that involve multiple events. They remain open until every "leg" of the wager has been completed. If even one match is still ongoing, the entire bet remains open.
Example: You place a four-fold accumulator on the Saturday 3:00 pm kick-offs. If three teams have won but the fourth game is in injury time, your bet remains open and unsettled.
Ante-post (Futures) bets
An ante-post bet is a long-term open bet on an outcome that will take place in the future. These bets remain open for an extended period, sometimes even for the duration of a season or a year.
Example: If you bet on Manchester City to win the Premier League in August, the bet stays open for the entire season and is only settled when the trophy is mathematically decided in May.
Cash-out options
Most bookmakers offer the chance to settle an open bet early. While the bet is open, you can monitor a cash out value that changes based on how the game is going.
Example: You bet on Man Utd to win, and they are leading 1-0 with ten minutes left. To avoid a nervous finish, you choose to cash out. This effectively closes your open bet early for a guaranteed, slightly smaller profit.
Open bet vs. settled bet
A settled bet is a bet where the outcome is confirmed immediately after the event ends. Once the event finishes, the bookmaker verifies the result and resolves the bet. If the bet was successful, the winnings are added to the bettor’s account. If the bet was unsuccessful, the stake is lost.
Here are the key differences between an Open Bet and a Settled Bet:
Betting status:
- Open bets are active wagers currently "in play". The outcome is undetermined, and your stake is locked within the bookmaker's system while the event is ongoing.
- Settled bets are finalised wagers. The event has concluded, the results are verified, and the funds (winnings or your initial stake) have been credited back to your account.
Flexibility and control:
- Open bets often provide a "Cash Out" option, allowing you to exit a position early to secure a profit or minimise a loss before the match finishes.
- Settled bets offer no further control. Once the bookie marks the bet as settled, the transaction is closed and cannot be modified or reversed.
Bankroll impact:
- Open bets represent "pending" money. These funds are deducted from your usable balance but have not yet resulted in a final profit or loss figure.
- Settled bets provide immediate liquidity. Only after settlement is your profit officially realised and made available for withdrawal or for placing new wagers.
Conclusion
Open bets offer a unique betting experience, keeping your wager active until the event concludes. If you place a pre-match bet or an in-play bet, the outcome remains undecided until the final result is confirmed.
This type of bet provides flexibility, especially with options like cash-out, which allow you to lock in a profit or cut losses before the event ends.
For more insights into betting rules and markets, visit The Advantage blog.
Frequently asked questions
Can I cash out an open bet?
Yes, many bookmakers offer a cash-out option for open bets. This allows you to settle your bet early for a guaranteed profit or loss, depending on how the event is progressing. The cash-out value will change based on the odds during the event.
Can the odds change on an open bet?
Yes, in the case of in-play or live betting, the odds can change as the event progresses. For pre-match bets, the odds are usually fixed when the bet is placed, but the bet will remain open until the event concludes.
When will I know the result of my open bet?
The result of your open bet is only confirmed once the event finishes and the outcome is decided. If you’ve placed a pre-match bet, the result is confirmed after the event ends. For in-play bets, the result is final once the event concludes and the market closes.
How can I track my open bet?
Most bookmakers allow you to track your open bets through their website or mobile app. You can see the current status of your bet, and if you’ve placed an in-play bet, you may be able to watch the event unfold live with updated odds.
Can I change an open bet after placing it?
Once you place an open bet, it cannot be changed or edited. However, you may be able to cash out the bet before the event concludes, which allows you to settle the bet early at a current value.