THE TURF 191 



the winners'* The expression for the former 

 is |, and for the latter T ^ ; but -$ is equal 

 to f , therefore say 



|xf = i 3 o; and 10-3 = 7. 



hence the odds are 7 to 3. B, therefore, 

 lays A 7 to 3 that he does not name both 

 winners, and then hedges as follows : As 

 three pounds is the sum to which he has 

 staked his seven pounds, he lays that sum 

 even that A wins ; and on the other event 

 he lays 6 to 4 (the odds in the example) 

 the same way. Now A wins both, and 

 receives of B seven pounds ; but B wins 

 three pounds on the former by hedging, 

 and four pounds on the latter, which is 

 equal to what he has lost to A. It is here 

 obvious, that had B, in hedging, been 

 enabled to have made better bets for 

 instance, could he have done better than by 

 taking an even three pounds on the first 

 event, and had greater odds than 6 to 4 on 

 the latter he might have won, but could 

 not have lost. 



On the same two events, what odds may 

 B lay A that the latter does not lose both ? 

 Set down for the former |, and the latter 



