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
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
'.For sports bettors
, an 'open bet' refers to a kind of wager that does not have fixed odds
.Instead, the odds that bet will play at, and the subsequent payout
, are determined by the bookmaker
following the outcome, and based on the total bets taken coupled with the final odds of the event.Open bets are popular among horse racing
gamblers, and can include win, place and accumulator
style wagers.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'.