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nted, and so on.
As an illustration of some of the principles I have been considering, let us take from the day's papers the state of the odds respecting the 'Two Thousand Guineas.' It is presented in the following form:
TWO THOUSAND GUINEAS. '
7 to 2 against Rosicrucian (off.).
6 to 1 against Pace (off.; 7 to 1 w.).
10 to I against Green Sleeve (off.).
100 to 7 against Blue Gown (off.).
180 to 80 against Sir J. Hawley's lot (t.).
This table is interpreted thus: bettors are willing to lay the same odds against Rosicrucian as would be the true mathematical odds against drawing a white ball out of a bag containing two white and seven black balls; but no one is willing to back the horse at this rate. On the other hand, higher odds are not offered against him. Hence it is presumable that his chance is but slightly less than that above indicated. Again, bettors are willing to lay the same odds against Pace as might fairly be laid against drawing one white ball out of a bag of seven, one only of which is white; but backers of the horse consider that they ought to get This was written early in March 1868.
the same odds as might be fairly laid against drawing the white ball when an additional black ball had been put into the bag. As respects Green Sleeve and Blue Gown, bettors are willing to lay the odds which there would be, respectively, against drawing a white ball out of a bag containing--(1) eleven balls, one only of which is white, and (2)one hundred and seven balls, seven only of which are white. Now, the three horses, Rosicrucian, Green Sleeve, and Blue Gown, all belong to Sir Joseph Hawley, so that the odds about the three are referred to in the last statement of the list just given. And since none of the offers against the three horses have been taken, we may expect the odds actually taken about 'Sir Joseph Hawley's lot' to be more favorable than those obtained by summing up the three former in the manner we have already examined. It will be found that the resulting odds (offered) against Sir J. Hawley's lot-estimated in this way--should be, as nearly as possible, 182 to 80. We find, however, that the odds taken are 180 to 80. Hence, we learn that the offers against some or all of the three horses are considerably short of what backers require; or else that some person has been induced to offer far heavier odds against Sir J. Hawley's lot than are justified by the fair odds against his horses, severally.
I have heard it asked why a horse is said to be a favorite, though the odds may be against him. This is very easily explained. Let us take as an illustration
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