WHO SETS THE MARKET? 213 



all appearance, having been backed for a slnlling'. But 

 in reality it has been backed to win £2,000 or £3,000 ; 

 nearly every provincial bookmaker in the three king- 

 doms, through the medium of commissioners and 

 agents, having laid against it, and the price is the 

 maximum in consequence of the tactics adopted. 

 Such details as the foregoing may appear somewhat 

 long-winded to those who are familiar with all the outs 

 and ins of the modern turf; this book has not, how- 

 ever, been written for the behoof of such persons, but to 

 afford information to those ignorant of the machinery 

 of racincf. 



In concluding this disquisition on the rate of the 

 odds, it must be admitted that the setting of the 

 market is not a matter for dogmatic deliverance, but 

 for inquiry and elucidation. A bookmaker's argument 

 is that it is the bettors themselves, and not the book- 

 makers, who are responsible for the prices laid. ' We 

 cannot,' such is their argument, ' go on laying . the 

 same horse at the same price all through the piece ; 

 that v.-ould never do, for the more a horse is backed 

 the shorter must the price against its chance bccomiC.' 

 That is so, doubtless, in many cases, because the 

 bookmaker is bound to get as much money into his 

 book as he can, and when there are only a few animals 

 entered in a race, the persistent sup[)ort of one of 

 them must naturally atfect its price ; but bookmakers 

 should bear in mind that the more prices contract 

 ao^ainst the six or sevtii leading favourites in an im- 

 portant handicap, all the more should become the 

 odds against the ' rank outsiders.* 



