It's actually first released on "Something in My Life" in 1975, quite an obscure Tom Paxton album with very "folk-rocky" arrangements. My copy of the LP is a Japan release. It didn't came out on CD so far.
John Denver covered "Bet on the Blues" in 1977 and again in 1995. My favorite song from that album is "Oh, Doctor, Doctor", a song about how a man suffering from terminal illness longs for euthanasia.