173 THE BLUE RIBBON OF THE TURF. 



Many of the larger bookmalcers are men who have 

 invested, their savings in a business of some kind, such 

 as a brewery, a flour-mill, a cutlery establishment, a 

 newspaper, a tavern, hotel, or common ' pub.' Some 

 bookmakers work in partnership, or in syndicates, and, 

 if they do not divide profits, they share the cost of 

 acquiring information and other expenses. The pro- 

 fits of 'ready-money' bookmaking on the racecourse 

 are undoubtedly considerable, there being no risk of 

 bad debts. As there are from five to eight races de- 

 cided every day at each meeting, it goes hard with 

 the 'ayer of the odds if he does not twice in a day find 

 the favourite overthrown, and the money for which it 

 was backed safe in his pocket ; and in the event of a 

 horse winninc^ aq-ainst Avhich he has not laid the odds, 

 then he in all probability reaps a handsome profit — 

 ' skins the lamb,' as the savincf Efoes. Some book- 

 makers lay the horses running to any amount, say to 

 lose £50, a £100, or even £500, according to status 

 and means. They will more especially do so if they 

 find that three or four horses are being backed by 

 the public, and that there is some chance of an out- 

 sider winning. They take care to lay the smallest pos- 

 sible price against each horse that the jDublic will be 

 satisfied, with. If ' backing at his own prices ' be at 

 all brisk, the bookmaker has not much to fear when 

 his frequent chances of 'skinning the lamb ' are taken 

 into account. Seeing that there are every racing day 

 from thirty to fifty horses running, the bookmaker has 

 his work cut out, and must shout loudly, and by the 

 aid of a clerk pencil actively, to get ' field money ' in 

 his book. No wonder after returnint? from the scene 



