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1. [Playing with house money] refers to money that was given to you, easily obtained or stumbled upon. In other words risking it as in a bet means you would have [nothing to lose]. 2. Living life on house money refers to narrowly escaping death at some previous point in your life. In other words you have defied death and everyday that you are still breathing is a bonus. 3. In sports playing on house money refers to going up against an overwhelming favorite and playing loose and free like you have [nothing to lose]. A number 16 seed playing against a number one seed in the NCAA tourney would be playing on house money.
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