A racetrack betting tipster, Bob Hope offers some "good advice" - or so he thinks - at a Florida racetrack and lives to regret it. It's his money or his life when mobster Moose Moran (Fred Clark) gives him until Christmas to make up a $1o,ooo error! Desperate to raise the money, Hope sends out bogus Santa Clauses to solicit donations for an imaginary old folks' home. Unfortunately, gangster Charley (Lloyd Nolan) muscles in on the Kid's yuletide racket. Suddenly the heat's on in winter as Hope tries frantically to escape the law, the lumbering Moose, and his trigger-happy "partner" in one hilarious escapade after another.