This is more of a hustle than a saying. I was in Toledo in the 90s and Richie Rich was matched up with someone and I saw Jack Cooney so I walked over to watch as he was matched up with a guy. The room owner came up to me and said, hey you want to make a little sweat bet for a hundred or two and I said sure. He said I will even let you pick your horse. I said ok and pointed to Cooney and said, I will take that guy for $200. He says no bet, you picked the wrong guy
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