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When betting at Monticello Raceway (a harness racetrack built in 1958 in the Catskill [Mountains] of New York) if there was a horse that "could not lose", the bettors would say to "bet the bungalow" on him. The Catskill [mountains] was a resort area consisting of many hotels and Bungalow colonies. A bungalow was a seasonal type "house" for a family from [New York city] and the surrounding areas to live in during the summer months. So if you "bet the bungalow" on one horse in a race, you were really betting all the money you had !
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