So now that the Kentucky Derby winner Medina Spirit has failed a drug test, I can cash my bet on the second-place finisher, Mandaloun. And my buddy who bet Medina Spirit will have to return his winnings, right?
Well, no.
Betting rules at horse racing tracks, off-site wagering venues and internet sites are very clear in cases like this. Once a race has been declared official, a few minutes after it is over, the betting is final. Winners can collect their cash, and losers can tear up their tickets.
The reason for this is pretty simple.