176 THE BLUE RIBBON OF THE TURF. 



Let it bo supposed, for easy calculation, that tho 

 bookmaker has resolved to wager to lose £1000 against 

 every one of the horses engaged in the race after the 

 acceptances have been declared, and that he receives 

 no money over tho horse that wins, or, if he has been 

 betting for ready money, that he has of course to 

 return the stakes deposited on behalf of the winning 

 horse. His account then may stand as follows just 

 previous to the race : 



Will win if first favourite loses (laid at an 



average of 5 to 1 ) 

 "Will w'.u if second favouiite loses (laid at an 



average of 7 to 1) 

 Will win if tliird favourite loses (liiid at an 



average of 8 to 1 ) 

 Will win if fonrlb favourite loses (laid at an 



average of H) to 1) 

 Will win if fifth favourite loses (laid at an 



average of 10 to 1) - 

 W'ill win if all the others lose, including those 



scratched, say ----- 



The total of these is £l,-ii;0 U 



If the bookmaker has been so fortunate as to lay the 

 odds against all the horses in the race, accordinof to 

 the above figures, he has, in turf parlance, ' got round' 

 — in other words, he has in his book, if not in his 

 pocket, £1,200 of field money with which to pay the 

 £1,000 he has wagered against the winning horse ; but 

 it v.'ill be seen that if the favourite wins ho makes no 

 profit, as the £200 standing against it has to be repaid 

 if it has been received, or, if not rc'^eived, it does not 

 count. Jn the event of any of the other horses being 

 first, which is not at all uncommon — as first favourites 

 do not always win the larger handicaps— the book- 



