February 1931. In Churchill Downs, the entries for the Kentucky Derby are closed. Tight-fisted Dutch Schultz, beer baron of the Bronx, places a bet with the Syndicate: 100-grand in the Winter-book on Enchantment to win the Kentucky Derby. Trying to get the most for his money, Dutch knows he will get much better odds now than if he waits until race day. Dutch's lieutenant is "Lefty" Gallagher, and his bodyguard is Benny Bristow. Schultz has a powerful enemy in Vincent "Mad Dog" Coll, who earned his nickname (which Schultz stuck him with) due to his violent actions; his sidekicks are "Needles" Bledsoe and "Fats" Finney. Lefty Gallagher cautions his boss Dutch: if anything should happen to the horse between now and the Kentucky Derby in April, the Syndicate doesn't give refunds. But money-loving Dutch is savoring the 7-to-1 odds he's gotten; at post-time, he might only get 8-to-5. When Lefty leaves.