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A slang term meaning to bet on horse racing.
"Im gonna head down to OTB. You wanna come?" - Gambling Degenerate
"No thanks. Why do you piss your money away playing the ponies?" -Smart Friend
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This phrase is actually a mistake. Instead, one should say "playing the horses". Playing the Ponies is something small boys would say.
Eric received a text message that the ponies were loose and used an incorrect sentence involving playing the ponies.
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