It's what you might call commercial insurance. Like for a race horse. If a horse wins the Kentucky Derby, well, then you back him for the Preekness.
12 seconds sound clip from the Christmas in July (1944) classic radio play.
You can hear this line at 00:47:38 in the radio play.
Quote context
[...]
- Of course it would make a difference!
- But why?
- I'm no genius, but I didn't hang on to my father's money by backing my own judgment, you know.
- I should say it would make a difference.
- The contest. I didn't win anything, it was a joke.
- A joke?
- That's what they meant it to be.
- Who did?
- They didn't mean any harm... they just wanted to see how I'd look when I got the news, I guess.
- Well, just you give me their names and we'll see how they look when they get some news!
- Oh, I wouldn't care to do that... Oh, well, it doesn't matter.
[...]