BOOKMAKIXG. 179 



formed of what is going on on the training-grounds; 

 the}^ are fed with information either at their own ex- 

 pense or b}^ their numerous chents. When a horse 

 Avins or loses a trial, they are pretty sure to know the 

 fact before the general body of bettors can obtain the 

 same information. When a commission is thrown 

 into the market they vor}'- soon smell the fact ; but 

 they would be dunces, indeed, if the mere significance, 

 the constant demand to back a horse, did not show 

 them that the animal was likely to become a favourite, 

 and in time be backed at 10 to 1 instead of 40 to 1 ; 

 that being so, they act a cautious part, and perhaps 

 finesse for a time, so as to be able to Iny the shortest 

 possible odds. 



It is a remarkable fact of the betting-ring that tens 

 of thousands of pounds change hands without bill or 

 bond. ' Put me down ten monkeys, Iroquois,' says a 

 bettor to a bookmaker with whom he bets, and the 

 bet is at once entered in the Httle betting-books carried 

 by each. That is all — nothing more simple, indeed ; 

 but on the Monda}^ after the race the transaction 

 will be implemented by the bookmaker if the horse 

 ■wins the race it has been backed for ; whilst the backer, 

 even if he be ' broke,' will own to the liability. On 

 the settling-day of a big race, or over the transactions 

 of a heavy week at Goodwood or Newmarket, thousands 

 of pounds will change hands in the most primitive 

 way, no receipts being asked for or oftered. The 

 balance entered in the settling-book when paid is 

 marked with a X to denote that it has been paid ; 

 nothing more is necessary. There are men who make 

 it their business to settle for bettors who do not find 



12-2 



