When finding out how to settle a bet, it is important to know what all the conditions are. What you are betting on and who you are betting with will effect what you will need to do. The majority of bets have money wagers, but there are some bets where other items are on the line. Make sure you have what you have wagered in your possession when learning how to settle a bet.
- Double or nothing. If you have lost a bet but want another chance to win, you can go double or nothing. This is where another bet is placed; if you win, you do not owe the other party anything. But if you lose again, you owe the other party double whatever you have previously bet. This can be a great way to learn how to settle a bet because if you win you, will not have to forfeit anything.
- Making payment accordingly. You cannot learn how to settle a bet if the loser doesn't make his payment. With most bets, a time of payment will be stated. Failure to settle your bet on time could cost the loser even more money. Some establishments will give a person a longer amount of time to pay off the bet but will charge interest until the bet has been settled. To avoid losing more more than you bet, make sure you have your payment. Without both parties making payments when necessary, it can make the other party feel uneasy about accepting a bet again.
- Changing the conditions. The only party that can change the conditions of the bet is the winning party. If the loser does not have what he wagered available, the winner can change what he will accept from the loser. Being the loser in this situation is not a good place to be when learning how to settle a bet. This is because you are at the mercy of the winners and what they are willing to settle with. Sometimes a different form of payment can end up being more expensive.