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Bob Hope stars in this Christmas comedy as Sidney Melbourne, a race track con man who offers a friendly 'sure thing' horse tip to the girlfriend of mobster Moose Moran. When the horse loses and Moose's original pick wins, Moose gives Sidney until Christmas to pay back the money he lost or his thug, Sam-the-Surgeon, will 'open' Sidney after Christmas. To pay back the money he owes Moose, Sidney enlists some pals to hit the street corners of New York dressed as Santa Claus accepting donations for a bogus elderly ladies' home. Things get complicated when gangster, Oxford Charlie (Lloyd Nolan) tries to move in on Sidney's scam.