The value of money changes over time.  According to a website calculater I found, $50 in 1973, the year the book was published, is the same as nearly $250 today.  That's a pretty big bet to eat fifteen worms in fifteen days.  And just to help your appetite, here's what Billy's first "python" might look like:
  
Ah! Just kidding!
 
Whew!  That's more like it ... but still pretty gross.
Finally, here's a picture of Billy's ultimate  motivation.  The minibike he wants to buy. 
 
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