020 HISTORY OF THE 



If Repealer loses, A. receives from C. £100 

 Ditto ditto from D. 100 



£200 



A. pays B. £100— Deduct - - - - 100 



Balance in A's favour by Repealer's 



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 £100; but, on the other 

 hand, he would have been out of the field, which 

 might have been worth all the money to him in 

 his deeper speculations on other horses. Let us, 

 however, suppose our colt to have remained at the 

 original odds, viz. 20 to I ; in that case A. must 

 have betted 2000 to 100 against him, and then no 

 harm would have arisen." 



