This paper draws upon an ongoing study into gambling in the United Kingdom to examine off-course betting as a form of social life. Through such an approach it identifies several features of betting shop life that complement and refine the research literature to date: the different sub-groups within the off-course betting population; how they manage their activities in terms of their finances and their domestic and work responsibilities; the often subtle social dynamics of the betting shop. Through an analysis of these features of the punter’s world, the paper investigates the rationality of the activities of loss-making punters, and shows how this differs markedly from the rationalities employed by those who win at the game – bookmakers and professional gamblers. One common concern for many punters is the dream of the ‘big win’ for a little stake – a concern not shared by the other two groups – a dream that undermines their ability to win, and thus compounds their losses. The paper then identifies the different sub-groups involved in off-course betting, and discusses the different times at which they bet and the different strategies they use. In such a way the paper contributes to the debate through identifying groups and social processes not addressed in the literature, and shows how they refine the categories and concepts used to date.