Let's say it's the 1960s, Bay Ridge, Brooklyn, and a guy is a compulsive, very bad gambler. Let's say he's such a bad gambler that when he later on dies, his life insurance is empty, having taken the insurance prematurely out as cash.

For one, who would he have worked with in loaning money and placing bets on horses - a standalone loan shark or a connected/made guy?

Two, how would he have been treated by said loanshark and/or wiseguy if he missed payments? Were guys who couldn't pay physically assaulted as you see on The Sopranos? How would the payment system work?

Third, were there any notable (Made) guys working in Bay Ridge in gambling/horses in the 1950s/1960s?

Anyone?

He was talking about bookies but George Freselone said they will send out the enforcer to collect occasionally, especially if they think the bettor is trying to cheat them, but if they just don't have the money no amount of beating them is going to get it. And if they lean too hard, the guy may run to the cops. Nowadays, often times they will just cut off the player and not allow them to bet.

I imagine the same situation can apply to the loanshark. Of course, if the debtor doesn't immediately have the money, they may try to find other ways for him to pay them back. Like if he has a business they can take a piece of, etc

These guys dont just give you a beating, thats the movies. Whens the least time you heard of a guy pgetting a pipe to his knee caps???? If a guy avoids you then yes, he may get roughed up. Usually its a very serious talk , but if he is straight, they usually work something out.
Guys giving or signing over a business is true.