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Gambling Wuss Slang/Law

I can't remember right off the top of my head, what do you call someone who makes a bet, then backs out? (Sometimes legally/illegally, example betting on who can jump from a 10 story building and live, or how much do you bet on my horse to win, etc Horse Race?)

Also, is there any outstanding law here in the United States about betting or putting money on the table and not paying up? (Forgive me if the question seems odd, trying to find a certain term instead of Gambler Runner)
 
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