184 THE TURF 



applicable only where chances are equal, 

 state the general method of what is called 

 1 making a book.' The first object of the 

 betting man is to purchase cheaply, and to 

 sell dearly ; and next to secure himself by 

 hedging, so that he cannot lose, if he do 

 not win. This, however, it is evident, will 

 not satisfy him, and he seeks for an oppor- 

 tunity of making himself a winner, without 

 the chance of being a loser \ which is done by 

 what is called betting round. For example : 

 if twenty horses start in a race, and A bets 

 10 to i against each^ he must win 9, as he 

 receives 19, and only pays 10; namely 

 10 to i to the winning horse. This, of 

 course, can rarely be done, because it might 

 not occur in a hundred years that all the 

 horses were at such equal odds. Neverthe- 

 less, it is quite evident, that if, when a 

 certain number of horses start, A bets 

 against all, taking care that he does not 

 bet a higher sum against any one horse 

 that may win, than would be covered by 

 his winnings by the others which lose, he 

 must win. Let us, then, suppose A begin- 

 ning to make his Derby book at the com- 

 mencement of the new year. B bets him 



