HOW TO MAKE MONET BY HORSES. 139 



has, however, the chance of winning, though long 

 odds are against him ; but the man who keeps mode- 

 rate race-horses in a public racing- stable, has really 

 no chance at all. Horses merely qualified to run for 

 fifty-pound plates, will always, on the score of profit, 

 be beat by expenses. "We will suppose a third-rate 

 race-horse to start for such prizes six times, and to 

 win three times out of the six, which, unless the 

 horse be very judiciously entered, is quite as much, 

 or more, than his owner has a right to expect ; such 

 horse must lose money for his owner. If he " dis- 

 claims so mean a prize," and runs horses where the 

 stake is higher, the case becomes worse for them ; 

 barring some unforeseen circumstances, he will never 

 win. And on this rock so many split ; they fancy the 

 taking the chance of winning a good stake, whereas 

 there is no chance in the case ; they run to be beat to 

 a certainty, save such contingency as I have men- 

 tioned, and the chance of such occurring is about on 

 a par with that of their horse coming in first. The 

 only plan I know of with such a horse, is to keep 

 him constantly going for such prizes as he has a fair 



