WHO SETS THE MARKET? 191 



in the race equal : one horse may he apporlioncd a 

 weight of 8 st. 12 lb., whilst another may have only 

 7 St. 4 lb, to carry ; another may have 6 st. 10 lb., 

 whilst the lowest weight borne in the race may be 

 5 St. 7 lb. Although the handicapper does his very 

 best to adjust the weights so as, in his opinion, to 

 equalize the chances of all, it is exceedingly difficult 

 for him to succeed in doing so, for even in the smallest 

 races horses have been known to have a weight appor- 

 tioned to them not in accordance with their merit, and 

 in consequence backers who attend daily meetings 

 have frequently to speculate in the dark, having to 

 contend aiirainst unknown factors brouij-ht into the 

 account without their knowledge. 



Some bookmakers simply ' gamble ' on the smaller 

 daily races. ' Others may bet to figures,' said one of 

 these gentlemen recently on being interviewed. ' I 

 don't. I know very well the favourite is as often 

 beaten as not, therefore I lay against the favourite with 

 all my might, and against every other horse as well; 

 but I do like to lay the favourite when it is at a short 

 price. When it is five to four or even money against 

 a horse, if the betting is at all brisk, and there be 

 half a dozen or eight running, you can get a power of 

 mone}^ into your book if you are not afraid. The great 

 fact to bear in mind in betting is that there is often a 

 'dark' horse that may win. You may be "had," of 

 course, over the ' dark ' one ; but then you have all the 

 money received for the favourite and the others Avith 

 which to pay. Favourites, I have calculated, do not 

 win oftener than twice in five times — in fact, not quite 

 so often by a fraction. Acting on that theory, I simj)ly 



