smart money

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun Games Bets or a bet placed by experienced gamblers or those having privileged information.
• noun Experienced, well-informed investors.
• noun Investments made by people experienced and well informed in matters of finance.
• noun Law Punitive damages.

from The Century Dictionary.

• noun Money paid to escape some unpleasant engagement or some painful situation; specifically, money paid by a recruit for the British army before being sworn in for release from his engagement.
• noun In law, exemplary or vindictive damages; damages in excess of the injury done. Such damages are given in cases of gross misconduct or cruelty on the part of the defendant
• noun Money allowed to soldiers and sailors for wounds and injuries received on service.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun experienced, well-informed investors, gamblers etc considered as a group
• noun the money invested or bet by such people; by extension, the opinions of such people

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun money bet or invested by experienced gamblers or investors (especially if they have inside information)
• noun (law) compensation in excess of actual damages (a form of punishment awarded in cases of malicious or willful misconduct)
• noun people who are highly experienced or who have inside information