We take a look at Open and Fixed Win bets in this week’s edition of our horse racing player education series.
Open Win Bet
This is when the selected horse wins, paying out a Totalisator dividend determined by the size of the pool and number of winning bets on that particular horse. (No fixed odds are agreed at the time the bet is placed. The winnings and therefore the payout is determined after the outcome of the event on which the open bet was struck becomes known, with reference to the dividends generated by the totalizator.)
Fixed Win Bet
This is when the selected horse wins, paying out a winning stake depicted at the time the bet was taken – fixed. This means that if you back a horse at 7/1 and it shortens to 6/1, you still keep your 7/1 bet. So then, if you back your horse at 7/1, you will win R7 for every R1 you wager plus your R1 stake back (subject to 6% tax and other deductions).
