River Racing paid out on Mickey Lewis last November when he was installed as first-team coach.
But they also said that all bets stood on who was going to be the next 'manager' if one was subsequently announced.
Steve Jones, director of River Racing, said: "We are paying out on Denis Smith. A lucky few who did back him will be picking up the money."
Smith was a 6-1 chance when betting opened, but drifited out to 16-1 after attracting little support.
Story date: Friday 04 February
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
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