574 THE HORSE. 



must present, and how much of skill it must demand to place 

 the bets in the most favourable position to gain, or to avoid 

 loss. How often does it become necessary " to hedge," 

 when a false or dangerous move has been made ; that is, to 

 make a series of bets in an opposite course from the previous 

 ones. A man may win, by giving odds against every horse 

 in the field. Thus, if five horses start, by betting 4 to 1 

 against each, he loses nothing, for only one can win, on 

 which he loses 4, and the remaining four lose, on which he 

 gains 4 ; but if he bets 3 to 1 against all, he must win, for 

 on the winning horse he loses 3, but on the losing horses he 

 gains 4. If twenty horses run, 18 to 1 may be betted against 

 every horse in the field ; for only one can win on which 18 

 is lost, but nineteen must lose on which 19 is gained. This 

 is the simplest case that can be put ; but it shews that, by a 

 skilful adjustment of odds, a man may gain a large sum on 

 a race, while he cannot lose anything. But while it is rare 

 for a person to be able to balance all his bets so that he must 

 win, and cannot lose, yet the cases are innumerable in which 

 he is able so to hedge or counter-bet, as to bring the chances 

 in his favour for winning to a maximum, and reducing those 

 against him to a minimum. Large fortunes have been ac- 

 quired by skill in betting and counter-betting ; yet the sys- 

 tem is legitimate in itself, and nothing more than a fair 

 exercise of the knowledge and address of the individual. 

 But what shall be said if fraud is used, either to support the 

 system, or to counteract it when fairly pursued ? What if 

 horses heavily backed are fraudulently withdrawn from the 

 course at the moment of running? What if those that 

 could win are made to lose ? It is seen that the owner of a 

 horse may, by betting against his own horse, gain by his 

 losing the race ; and, by having his horse largely backed, 

 and then running to lose, pocket enormous sums. Trainers 

 and jockeys are now in the habit of betting largely, not on 

 the horses intrusted to them, but on the general business of 

 the race. What a frightful temptation is this to people in 



