THE STATE OF THE ODDS. 307 



Or these different stages might mark the upward or 

 downward progress of the same horse in the betting. 

 In fact, there are yet more delicate gradations, 

 marked by such expressions respecting certain odds, as 

 offered freely, offered, offered and taken (meaning 

 that some offers only have been accepted), taken, taken 

 and wanted, wanted, and so on. 



As an illustration of some of the principles we 

 have been considering, let us take from the day's 

 paper * the state of the odds respecting the " Two 

 Thousand Guineas." It is presented in the following 

 form : 



TWO THOUSAND GUINEAS. 



7 to 2 against Rosicrucian (off.). 

 6 to 1 against Pace (off. ; V to 1 w.). 

 10 to 1 against Green Sleeve (off.). 

 100 to 7" against Blue Gown (off.). 

 180 to 80 against Sir J. Hawley's lot (t.). 



This table is interpreted thus : bettors are willing to 

 lay the same odds against Hosierucian as would be the 

 true mathematical odds against drawing a white ball 

 out of a bag containing two white and seven black 

 balls ; but no one is willing to back the horse at this 

 rate. On the other hand, higher odds are not offered 

 against him. Hence it is presumable that his chance 

 is somewhat less than that above indicated. Again, 

 bettors are willing to lay the same odds against Pace 

 as might fairly be laid against drawing one white ball 



* This article was written early in March, 1868. 



