2IO THE TURF 



invariably at a false price, because so many people 

 back them merely because they are favourites. And 

 do not bet small sums that you can throw away 

 without feeling. They mount up ; and you lose 

 much more than you suppose in the long run ; whereas 

 if you make it a hard and fast rule never to bet less 

 than some appreciable amount, a sum you can't lose 

 without a little inconvenience, you will bet seldom, 

 and with considerable caution — never without what 

 seems to you a good reason, bad as it may often be in 

 reality.' These views are diametrically opposed to 

 each other, and there is common sense in both of 

 them." 



Seriously, however, if I had to propound a rule 

 for the guidance of a young race-goer who was 

 determined to bet, I should say, " Never on any 

 account back more than one horse in a race." If you 

 are for any reason inclined to believe that a certain 

 animal stands out by itself and cannot well be beaten, 

 back it at the best price obtainable. Your reasons 

 may very likely prove to have been wrong, and the 

 price in any case unduly short. You have a strong 

 opinion, however, and you support it with a bet. 

 If you come to "saving" on this^particularly if 

 " this " is the favourite, and therefore necessarily at 

 cramped odds — having a little on that "on the off 

 chance," not letting something else "run loose," and 

 " throwing away a few sovereigns " on yet another 

 because it is in your stable or belongs to a friend, and 



