2o8 THE TURF 



begin cautiously with small bets on the first race or 

 two, waiting, very often, to "have a dash," as the 

 phrase goes, on what they confidently believe is a 

 good thing ; but, as I have previously remarked, " the 

 Racing Calendar is a record of good things that have 

 failed to come off." This one goes down, as good 

 things so commonly do ; the backer finds that he 

 has lost a considerable sum of money, and he hates 

 the idea of leaving off a loser. He wagers amounts 

 that earlier in the day he would on no account have 

 ventured to risk, and he backs horses without any- 

 thing approaching to an adequate reason. He feels, 

 being foolishly excitable and impatient, that he must 

 try to win his money back — he is, in fact, " betting to 

 cret home." If the last race had been first on the 

 card he would have hesitated about backing anything 

 in it for a five-pound note ; now he will eagerly put 

 on a hundred, and, growing nervous, will very likely 

 try to "save" on one or two probable sources of 

 danger, with the frequent result that he misses the 

 winner and makes bad very much worse. This is a 

 daily experience. It is the last race or two on the 

 card on which the backer so often comes to grief; 

 for, as a general rule, what he is pleased to regard 

 as his "bad luck" steadily pursues him to the end. 



That is one trap ; another is the temptation to 

 increase stakes after a little success. A man has 

 a modest run of luck ; it no longer amuses him to 

 win the small sums securing which once gave him 



