what does it mean to welch on a bet
Welsh (surname) A related colloquialism is the verb to welsh/welch ('to renege') as in 'to Welsh/welch on a deal or bet', which may be derived from an age-old 'English' stereotype of the Welsh/Celtic peoples as unreliable oath-breakers, though that etymology remains conjectural.[1] The potential association with a negative stereotype results in it being considered a somewhat pejorative term.
Old Bet The first elephant brought to the United States was in 1796, aboard the America which set sail from Calcutta for New York on December 3, 1795.[4] However, it is not certain that this was Old Bet.[2] The first references to Old Bet start in 1804 in Boston as part of a menagerie.[1] In 1808, while residing in Somers, New York, Hachaliah Bailey purchased the menagerie elephant for $1,000 and named it "Old Bet".[5][6]