WHO SETS THE AEdRA'ETf 207 



his monc}'. Startinj^-price backers, as a rule, blindly 

 follow a tout or tipster, either sending to them direct 

 by letter or telegram, or 'tipping' through the 

 columns of a newspaper, and in this way they are 

 called upon to back every day a matter of seven or 

 eight horses. In the course of the day they will be 

 much gratified at hearing the good news that three of 

 the animals selected have each won the race for 

 Wiiich it had been backed; but their joy is damped 

 when they learn that one horse has started at odds of 

 2 to 1 on it, and another at even money, whilst the 

 price of the third was 9 to 4. 



The following is the result of an illustrative experi-. 

 ment recently made by the author of these pages : A 

 sum of £7 was expended on seven horses, three of 

 which only won their respective races, so that £4 

 was lost over the non-winners, one of which rau a 

 dead-heat with odds laid on it ; and the stakes being 

 divided, a loss of three shillings was incurred on that 

 winner, 2 to 1 was earned on another of the horses, 

 and even money was earned on the third : the sum 

 gained was, therefore, £2 17s., to pay a loss of £4. 

 On some occasions backers are much more fortunate, 

 and realize chances of 4 or 5, and sometimes 7 or 

 8 to 1 ; and to last for any time at such a busi- 

 ness they would require frequently to obtain such 

 chances. Non-betting readers may feel surprised 

 at the possibility of a loss on a horse that has in 

 efi'ect won the race, but in the case of a dead- heat, 

 which is not ' rini off,' the backer's stake and the 

 money laid against it are put together and divided ; 

 and in the case of odds being laid on a horse, say that 



