What is an ‘Open Bet’?
An ‘open bet’ is a form of wager in which the bettor stakes against the bookmaker on an outcome with no fixed odds, and the payout to a successful bettor is determined by the final outcome of the event. In other words, the odds remain flexible until the bet actually plays out. Bets can also be described as ‘open’ whenever they are active (in the context of the player) or when they are available to be purchased (when referring to the bet writer).
‘Open Bet’ Explained
In gambling, bets are described as open whenever they are active and waiting to play. For example, when a player puts a chip on a roulette number and waits for the wheel spin, that bet is open until a number is called and the dealer either removes the chip from the table, or pays the stack. Once the bet is paid or lost, it is ‘closed’. An exception to this rule appears in craps, where bets can remain ‘open’ for several turns and can pay multiple times. These are known as ‘working bets‘.
If a gambler refers to a wager as ‘open’, they mean that it is active and yet to play. For the bookmaker, an ‘open’ bet is one which has been listed for purchase. When the event in question has played out and the bets have been paid or kept as relevant, both parties can refer to their part in the wager as ‘closed’.