Depending on which way you look at it, first-time owner Craig Ronan is either pretty lucky, or pretty unlucky.

Ronan's horse One More scored its first city victory at Canterbury on Wednesday to take its record to five wins from 15 starts and more than $90,000 prize money.

But had Ronan waited a little longer to buy his first share in a horse he almost certainly would have enjoyed a much bigger payday.

His mother, brother and brother-in-law were all in the ownership of One More's former stablemate Unencumbered who won almost $2 million in 10 starts, claiming the Magic Millions Classic as a highlight win.

On top of that, the colt was sold to a stud.

Ronan's family didn't bother asking him to buy a share in Unencumbered because his savings had already been spent on One More.

Bjorn Baker, the trainer of both horses, took great delight in reminding Ronan what might have been after One More's Canterbury win.

"They've got five wins each now," Baker said.

"He's only about $1.85 million behind."

Ronan admitted Unencumbered's success had been bitter-sweet but he was thrilled to land a metropolitan win of his own at Canterbury.

"It's not about the money. It's about the glory," Ronan said.