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The meaning and origin of the expression: On the nose

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On the nose

What's the meaning of the phrase 'On the nose'?

A bet on a horse to win.

What's the origin of the phrase 'On the nose'?



The New Yorker: Volume 23, Part 6, 1948:

I really thought Knapsack could win the race, so I sent a boy to put a bet on him. I told the boy to put twenty-five thousand on the nose on Knapsack