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The court heard Rodgerson still owes money to the group.
Mr Reynolds then received an e mail, saying: "Dear Peter. I do not believe you are taking the threat of death to Conduit very seriously. We want the horse removed from the King George this weekend. If you co operate the horse will live.
Judge Angela Nield said he had been 'used'.
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If Conduit had not run, he would have owed the syndicate 9,000 instead of 55,000 because he had forgotten to place that bet, the court heard.
"He had a bet to put on Conduit but forgot. He was too busy at work. He saw a pit opening before him. He was utterly and completely terrified. These were powerful men he thought. Shadowy men he thought. Perhaps he thought there were people who would hurt him."
Andrew Rodgerson, 26, sent a text message and an e mail saying Conduit would be killed if it ran in the King George VI and Queen Elizabeth Diamond stakes at Ascot Nike Air Presto Womens Black And White
people living in and around Newmarket who are ready and willing. There are also people around at Ascot on Saturday."
Bolton crown court heard that 'naive' Rodgerson was 'terrified' because he had forgotten to place the bet. As Conduit subsequently raced and won, he owed the syndicate's members around 55,000 because of the horse's ever changing odds. It was the clear favourite.
He had found the personal mobile phone number and e mail address of Mr Reynolds from the pages of racing newspapers and the internet.
She told Rodgerson: "You allowed yourself to become embroiled in a world that was not within your own means. You were clearly taken advantage of."
Joseph Hart, defending, said Rodgerson, who was in debt, cried throughout his police interview.
Promising cricketer Rodgerson, who has lost his job at a travel agent, pleaded guilty to threatening to damage or destroy property. He was jailed for 34 weeks, suspended for two years, and ordered to complete 240 hours of unpaid work.
Gambler threatened to kill racehorse
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Mr Wilcok said: "The horse did in fact run and in fact won the race. To that extent Mr Rodgerson would owe the betting syndicate 55,000."
Det Sgt Andrew Butterworth, of Rochdale CID, said: "Rodgerson made, what were to his victims, very real and very disturbing threats. He got himself into financial dire straights and thought blackmail was his way out.
Conduit has won more than 1m in prize money and was worth more than 750,000.
Rodgerson met the syndicate through members of a cricket club in Rochdale. It comprised of local businessmen and Rodgerson was approached to lay bets at bookmakers on its behalf.
Duncan Wilcok, prosecuting, said Rodgerson was arrested at home on July 23.
The court heard Rodgerson would place three to four bets a day, some at 400 each way per horse.
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Rodgerson, the court heard, had no previous convictions. No one else has been charged in relation to the police investigation.
Judge Nield said it was a 'foolish escapade'.
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