THE TURF 185 



(about the usual odds) 20 to i against an 

 outsider, which A takes in hundreds, viz., 

 2000 to 100. The outsider improves; he 

 comes out in the spring, and wins a race, 

 and the odds drop to 10 to i. A bets 

 1000 to 100 against him. He is now on 

 velvet; he cannot lose, and may win 1000. 

 In fact, he has one thousand pounds in 

 hand to play with, which the alteration of 

 the odds has given him. But mark, he is 

 only playing with it ; he may never pocket 

 it : so he acts thus. The outsider we will 

 call him Repealer comes out again, wins 

 another race, and the odds are only 5 to i 

 against him. A bets 500 to 100 more 

 against him ; and let us now see how he 

 stands : 



If Repealer wins, A receives from B . . .2000 

 He pays to C . . . . ,1000 

 Ditto to D . . . . 500 



Balance in A's favour by Repealer winning ^500 



If Repealer loses A receives from C . ;ioo 

 Ditto from D 100 



200 

 A pays B ;ioo Deduct 100 



Balance in A's favour by Repealer losing ^100 



