A bottle top regulator/aerator for controlling the flow from a bottle having a narrow cylindrical opening through which wine or similar liquid may be poured. The dispensing apparatus includes, in combination, an air inductor, a regulating cartridge having a percolation labyrinth, and an anti-drip trough integrated within a housing. The application of this apparatus provides for both the rapid aeration of the wine, as well as a uniform flow rate absent the hazard of post-pouring droplets.