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is very anxious to back A, and having duly bewailed his misfortune in having no choice but to lay against a horse who is--so he says--almost certain to win, he asks and obtains the odds of 900l. to 2001. in favor of A; that is say, he wagers 200l. to 9001. against A. Let us see how his book stands.
He has wagered--
800l. to 300/. with X, that A wins;
200/. to 900/. with Y, that B wins.
If A wins, he receives 800/. from X, and pays 200/. to Y, pocketing a balance of 100/. If B wins, he pays, 8001. to X and receives 900/. from Y, pocketing equally 100l.
The system by which bookmakers win has great advantages over the plan formerly adopted at public gaming-houses, and probably adopted still, though less publicly. At the gaming-house the bankers did run some little risk. They were bound to win in the long run; but they might lose for a night or two, or might even have a tolerably long run of bad luck. But a judicious bookmaker can make sure of winning money
on every great race. Of course, if the bookmakers like a little excitement--and they are men, after all, though they do make their own providence--they can venture a little more than the nothing they usually venture.
For instance, instead of laying the odds against all the horses, they can lay against all but one, and back that one heavily. Then, if that horse wins, they ' skin the lamb,' in the pleasing language of their tribe. But the true path to success is that which I have indicated
above, and they know it (or I would assuredly not have indicated it).
Still, in every depth there is a deeper still. In the cases hitherto considered I have supposed that the
chances of a horse really are what the public odds indicate. If they are not, it might be supposed that only the owner of the horse and a few friends, besides the trainer, jockey, and one or two other employees, would know of this. But, as a matter of fact, the bookmakers generally find out tolerably soon if anything is wrong with a horse, or if he has had a very good trial and has a better chance of winning than had till then been supposed. Before very long this knowledge produces its effect in bringing the horse to its true price, or near it. In the former case the horse is very diligently 'penciled' by the bookmakers, and recedes step by step in the betting, till he is either at long odds or is no longer backed at any price. In the latter, the horse is as diligently backed, till he has reached short odds, taking his place among the favorites, or perhaps as first favorite.
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