Analysis of Hard Luck

I left the course, and by my side
There walked a ruined tout --
A hungry creature, evil-eyed,
Who poured this story out.
"You see," he said, "there came a swell
To Kensington today,
And, if I picked the winners well,
A crown at least he's pay.

"I picked three winners straight, I did;
I filled his purse with pelf,
And then he gave me half-a-quid
To back one for myself.

"A half-a-quid to me he cast --
I wanted it indeed;
So help me Bob, for two days past
I haven't had a feed.

"But still I thought my luck was in,
I couldn't go astray --
I put it all on Little Min,
And lost it straightaway.

"I haven't got a bite or bed,
I'm absolutely stuck;
So keep this lesson in your head:
Don't over-trust your luck!"

The folks went homeward, near and far,
The tout, oh! where is he?
Ask where the empty boilers are
Beside the Circular Quay.