WHO SETS THE MARKET? 1S5 



run, will also have been supported to win a good 

 round sum of money. The falling off in what may be 

 designated ' big betting' is only what was to be ex- 

 pected in the face of the changed surroundings of the 

 Derby, inasmuch as the ' form ' of the horses com- 

 prising the field is so well known by means of their 

 j^revious performances that, as a rule, very short odds 

 only can be obtained from the bookmakers about 

 animals likely to win, and even very sanguine bettors 

 pause before taking 2 or 3 to 1, to hundreds of pounds ; 

 such odds not being tempting to rncn who like big 

 prices, and who in consequence elect to bet on one or 

 other of the big handicaps of the season at rates 

 ranging from 100 to 8 to K-O to 2|. Many persons 

 prefer to ' try their luck ' in a ' sweepstake,' and 

 willingly risk their sovereign in the purchase of a 

 ticket which mic^dit result in their winninof £100, 

 should they be fortunate enough to draw the 

 first prize, rather than back one of the favorites to win 

 a couple of pounds. It is seldom 'dark' horses win 

 the Derbj', but there are still a few men who back 

 outsiders : ' It feels so nice,' they say, ' to have 33 to 1 

 about a horse that may win.' Unfortunately for 

 them, however, such bets seldom put money in their 

 pockets. 



In noting the prices offered against the chances of 

 the various horses, either in the Derby or any other 

 race, the question at once presents itself. Who fixes 

 the ' odds,' or, in turf parlance, ' Sf ts the market '? 



In many cases the public make their own market ; 

 in others the market is set by one, or in cases by two 

 or three, of the more long-headed bookmakers. It is 



