THE TURF. 
question is very easily answered. It is the value of 
the prize that tempts the pirate ; and the extent of 
the plunder is now so great, that secresy is purchased 
at any price. 
But shutting, our eyes to this ill-featured picture, 
and imagining everything to be honourably conducted, 
let us just take a glance at the present system of 
betting, and, setting aside mathematical demonstrations 
applicable only where chances are equal, state the 
general method of what is called "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 opportunity 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 1 against each, 
he must win 9, as he receives 19, and only pays 10; 
namely 10 to 1 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. Nevertheless, 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 beginning to make his Derby book 
at the commencement of the new year. B bets him 
Y 2 249 
