Examples:

• My uncle used to love to play the ponies. He would spend hours studying the racing forms and placing bets at the track.
• I'm not really into gambling, but my friend convinced me to go to the horse races and play the ponies with him.
• Some people make a living by playing the ponies professionally, but it's a risky business and requires a lot of skill and luck.
• I can't believe how much money I lost playing the ponies last weekend. I should have just stayed home and watched Netflix.
• If you're going to play the ponies, make sure you set a budget for yourself and don't bet more than you can afford to lose. It's easy to get carried away and lose track of how much you're spending.