Ladbrokes make decision as punter takes them to court after refusing to pay out his winning £274,000 bet

Ladbrokes have come to a decision after a punter was set to take them to court over a monstrous bet which was not paid out.

25-year-old Dylan Phelan from the Republic of Ireland hit headlines last year after winning a whopping €320,000 (£274,000) from a €60 bet.

He had placed the each way double on two horses, Diamond Nora and Rocky's Diamond, and both won their respective races.

The horses were long shots with odds of 80/1 and 125/1 but Phelan had knowledge after helping training them while working for Declan Queally at his Waterford stable.

He decided to throw his support behind them and placed the bet in the morning at a shop in Limerick.

After winning big Phelan called it a "one in a million thing that will probably never happen again and was paid out by the likes of Bar One Racing, Boyle Sports and Paddy Power on smaller bets.

However, it emerged that Ladbrokes did not hand over Phelan's winnings and did not offer any communication.

With more than a year passing, he decided the best step would be to take the bookmakers to the high court in a bid to finally get the cash and signalled his intentions to do so in an interview with RTE.

It was reported that the races in question were awaiting the outcome on inquiry by an Irish state body, hence the delay.

But following discussions with the Irish Horseracing Regulatory Board, a decision has been reached before any legal action was taken.

Phelan is now in line to collect €100,000 instead of the full €319,440 as the company's terms and conditions state that the fee is maximum payout for a bet placed over the counter and not online.

"We have now discussed this matter with the Irish Horseracing Regulatory Board [IHRB] in order to seek a resolution as quickly as possible," a statement from Ladbrokes read.

"Although the IHRB is unable to provide details of the investigation, or its likely duration, we are satisfied that it is appropriate to proceed with payment of the relevant bets in accordance with our terms and conditions.”