Handicapping the horses is too time-consuming.

Besides, Hemingway would rather bet on himself than depend on chance.

He decides to quit gambling, and puts his gambling money back in the general fund.

He meets a friend and they go to lunch.

The friend used to bet on horses, but stopped. He says anything you have to bet on to be exciting can't be any good.

His friend tells him about bicycle racing, and, later, Hemingway gets into that. But not at this period.

He does quit betting on the horses, though.

He bets on himself.