$5 or $400?

- On Travers Day last week, I was sitting next to a pretty large group who had all chipped in five bucks for a show parlay. After four races, the pot had grown to around $400 and the group faced a decision. Let it ride? Or take out the winnings and start again? The pressure seemed to be falling on one particular guy, Tyrell. “C’mon Tyrell, it’s up to you. Let it ride? Tyrell, what’re you gonna do? Tyrell!” I could relate to Tyrell; he was obviously the “expert” in the group, and you could see the pressure taking its toll. As the time ticked down to post, he was hunched over his Form, agonizing over the decision, . It was a wide open race, and it seemed to me that none of the horses were locks for third.

Now some people sitting nearby started to get involved, partly because they were sick of hearing the name “Tyrell.” “Let – It – Ride, Let – It – Ride,” some chanted. Others counseled the group to cash out and start again. The question was raised just how much money was really at stake. Was it just the $5, and the rest was “house” money? Or was it a matter of risking the entire amount? The question was posed - “$5? Or $400?”

To me, there’s no question that the answer, at least for a regular horseplayer, is $400. I don’t believe in the “playing with house money” theory. If I have a hard-earned winner...or even just a stroke of luck....that money is now mine – there’s no such thing as “house” money in my opinion. Once the money is in my pocket, I think it should be treated it with the same care as the rest of the bankroll. I consider it reckless to bet an amount disproportionately higher than my usual amount just because of a winner that day. That’s not to say, of course, that one shouldn’t increase their bets when they’re hot (and decrease them when they’re not). But I think that sticking to your betting rules and regimen regardless of the ups or downs of that particular betting day is an example of good discipline and money management. (Tyrell let it ride; Wood Be Warning ran 4th.)

- Reader Jerry from Philly didn’t let me forget about Monday’s G2 Pennsylvania Derby at Philadelphia Park. He points out that Closing Argument and Scrappy T are out. Dick Jerardi says Buzzards Bay is too. A full field of 14 is expected, with solid 3 yo second stringers such as Haskell runnerup Sun King, West Virginia Derby winner Real Dandy, and the sluggish Magna Graduate. As the year goes on, the divide between Grade 1 and Grade 2 becomes more and more distinct.

- Reader Jolene posted some important information for any displaced Churchill Downs employees here. In addition, Penn National has established a toll-free number of 1-800-598-0756 for its displaced employees at the company's Casino Magic-Bay St. Louis and the Boomtown Biloxi Casino. [Bloodhorse]