What does the enterprise to “feed the duck on Epsom Downs” mean?

There is the following sentence in the ending part of Jeffery Archer’s “The Forth Estate,” which I waded to after months.

In the showdown of the media owner Dick Armstrong and Sir Paul Maitland, Chairman of the media, who is critical about Armstrong’s foolhardy takeover at a board meeting, Armstrong says;

“Perhaps I deserve some praise for this monumental achievement rather than the continual carping criticism I get from a chairman whose idea of enterprise is to feed the duck on Epsom Downs.” – P 672.

I surmise an idea of the enterprise to “feed the duck on Epsom Downs” means to consider the activity of the enterprise as a petty charity, but I’m not sure.

Is “feed the duck on Epsom Downs” a popular phrase? Does the name of place (Epsom Downs, a pond, the lake) vary by the locale?

Solution 1:

I believe “feed the duck on Epsom Downs” means to bet on an Epsom Derby entrant who is unlikely to win. The Epsom Downs Racecourse hosts the annual Epsom Derby horse-race, which used to be “the most attended sporting event of the year” in England. The phrase derby duck refers to the situation of a horse (or an owner) who has several times tried and failed to win this or other Derbys. For example, one finds:

• Godolphin founder relying on hot-favourite Dawn Approach to break Derby duck and help restore the stable's reputation – The Guardian, 31 May 2013
• Manning, a leading jockey for several years, was delighted to finally break his Irish Derby duck. – Trinidad Express, 30 June 2013
• Racing: Dettori: Now I will break Derby duck. – The Mirror, 27 April 2000 via thefreelibrary.com
• VIC ON A MISSION TO BREAK DERBY DUCK; EXCLUSIVE
Breaking derby duck would mean a lot - Vic.
– Liverpool Echo, 26 October 2012 via thefreelibrary.com

Thus, duck in the question refers to an unlikely-to-win (or more precisely, a known-to-have-failed) prospect. Feed is being used as in feed a habit, or as in feeding coins into a slot machine; feed the duck thus being putting money down a rathole rather than making a rational investment.

Solution 2:

I used to live near Epsom (in the county of Surrey, England, south-west of London), and I drove across Epsom Downs on the way to work each day. I can confirm that there are no ducks (in the sense of aquatic birds), nor any lakes, ponds, streams, or other areas of water there.

On reading the expression, I assumed that it refers to horse racing, and the explanation from @jwpat7 seems likely.