@WagerBoulevard: After my son's horse winning the first race last night my kids both wanted to pick again. I switched to TVG and let the kids pick an Evangeline Downs race. Both horses failed to win, place or show which resulted in me letting them both know that we might not be able to go to Blue Man Group now. (Of course, I didn't mean it.) When my son questioned the change of plans I let him know that we had to use money from the 237.50 to place the bets and now we don't have enough to pay for the tickets. I went on to ask them if they would rather keep betting or take the money out. They answered with a unanimous, "Take the money out!" They lost interest after the loss but before bedtime my daughter asked if she could still pick California Chrome for the race tomorrow.
@DubV: I agree. It is tough to do with horses though. I mean, I'd be willing to bet, the average person that bets on horses is picking by name or odds. I think they are beginning to grasp the concept of better/worse odds in correlation to payout. My son's second selection was solely based on the possible return. My daughter's selection was, as usual, based on the name.
@ProfessorDonkey: My wife feels the same way and I don't disagree. I'm certainly not provoking it. All I've done is allowed them to pick a few horses. They aren't asking to do it everyday. They've only selected/watched when I've had it on television.
@Madman Producer: I've gone a little over a quarter per win. I've already told them that they can use the money (I won from their selections) for Sea World Summer Camp and the Blue Man Group. They've experienced the dissatisfaction of a loss though.
@Purks: It can certainly be a controversial topic. I don't think you hae to have kids to chime in.
As for math skills, I think it can help. Both of my kids received 2nd place in their yearly, school-wide math competitions. The ballbreaker: they both lost to the head math teacher's kids by, only, four and seven points. They will probably end up in second year-in-and-year-out due to their misfortune of finding themselves in the head teacher's kids' grade levels.
I don't think I'm grooming degenerates or loan sharks. Then again I can only hope I guide and teach my kids to make good decisions. I know if I can instill that skill set everything is going to be alright. For now I'll chalk it up as a nuance to bonding with their father. I think they see it as fun/amusement at this stage. They don't see me going crazy when I lose like some guys I know. Actually, I'm a very calm loser. I think we have to be. Right?
Lastly, indeed, they are going to Sea World Summer Camp and the Blue Man Group.
Thanks for the conversation guys!