THE TURF. 
(about the usual odds) 20 to 1 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 1. 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 1 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 . . . ]000 
Ditto to D . . . . 500 
1500 
Balance in A's favour by Repealer winning 500 
ses^ssssi 
If Repealer loses A receives from C . 100 
Ditto from D . 100 
200 
A pays B 100 Deduct 100 
Balance in A's favour by Repealer losing 100 
But is there no contingency here ? Yes, the colt 
might have died before A had hedged, and then he 
must have paid his one hundred pounds ; but, on the 
other hand, he would have been out of the field, which 
250 
