THE TURF. 
might have been worth all the money to him, in his 
deeper speculations on other horses. But let us sup- 
pose our colt to have remained at the original odds, 
viz., 20 to 1. In that case, A must have betted 
2000 to 100 against him, and then no harm would have 
arisen. 
In what is called making a book on a race, it is 
evident that the bettor must be early in the market, 
taking and betting the odds for and against each horse : 
for backing a favourite to win is not his system. His 
chief object is to take long odds against such horses as 
he fancies, and then await the turn of the market, when 
he sells dearly what he has purchased cheaply. For 
example, how often does it happen that 12 to 1 is the 
betting against a horse two months before his race, and 
before he starts it is only 4 to 1 ? If the bettor has 
taken 1200 to 100 against him, and then bets 400 to 
100 the other way, he risks nothing, but has a chance 
to win 800. It is by this system of betting that it 
often becomes a matter of indifference to a man which 
horse wins, his money being so divided amongst them 
all. In fact, what is called an outsider is often the best 
winner for him, as in that case he pockets all the bets 
he has made against those horses which gentlemen and 
their friends have fancied. There is, however, too often 
what is called " the book-horse" in some of the great 
races, in which more than one party are concerned. 
What the term "book-horse" implies, we need not 
explain further than by saying, that it would signify 
251 
