Baily described what happened:
Merwan had no experience of races at all. Except for watching the horses race, standing outside the racecourse railings, he had not done this before. The reason he took us along was because we had lots of knowledge and experience. The first race was to start at 2:30 P.M. Thousands had gathered and lakhs [hundreds of thousands] of rupees were in play. We placed a bet on a horse in the first race, but we bet only part of the money. The bell rang, the race finished, and the names and numbers of the first, second and third place winners were announced and written on the board. There was a lot of noise and hustle-bustle all around. The horse we had bet to win had come in third. Had we bet on this horse to finish third, we would have made a little money.
Trying not to commit the same mistake, we bet half of the remaining amount on the second race on the favorite both to win and to place third, and waited in hope. Here again we met with disappointment since the horse we bet on lagged from the start and finished poorly. Now we had only one last chance to try our luck. Merwan suggested that we pass on the third race and bet on the fourth race, even though his two advisors were eager to try to win immediately. They were of the firm opinion that we would surely win in the third race. They also suggested that the plan had been formed at the outset to play the first three races and there was no reason to alter the plan. Merwan was helpless against this argument. Thus, with pounding hearts, they placed a bet for the third race — the entire amount on one horse to finish first and third.
The outcome was just as disappointing as in the prior two races, and now the money was gone. Merwan quietly started to walk out of the racecourse. All our efforts to stop him and to pacify him were in vain. I, too, followed him.
On the way, he paused for a while, shook his head sadly and said, "Baily, the fate of the poor is always poor. There is no doubt about it. Poor fellows."
Saying this, he sat down on a large stone nearby, holding his head in both his hands.