The New York herald., 1878-11-10
BOOKMAKING ON RACING.

AN ASTRONOMER on HORSE BETrING--TnE MYs-
Terry OF MAKING MONEY WITH THE ODDS
AGAINST THE sPEcULAToR.
The last literary effort Of Mr. Richard A. Proctor.
the well known writer on astronomical subjects has
been an exposure of the secret ways of class Of
known in sporting circles 'bookmakers." Mr..
Proctor takes a scientific but sense view of
betting. and points out the fraudulent nature of
many betting transactions which not suspected by
many to be otherwise than permissible. Mr.. Proctor
devotes considerable space in explaining the difference
between fair and unfair bet, which may be good
in theory but will doubtless be difficult to carry out
in practice Briefly he considers fair bet exists when
the chances ascertaned with mathematical preci
sion and equally divided.
OF the booknaker he says his entire series Of
bets are complete swindles, for he risk what
ever of loss, but nsures certain gain Let exam
inc his nsodps operand and how this can be done
Suppose there are two horses in race A and B. and
the betting is to ! against b. In this case,
the odds are in favor of one horse. our bookmaker
will have to do little backing which preferably he
would avoid In fact, OF this Sort which lis
match, is not to the bookmakers taste aud generally
in such case he would obtain special inforna-
tion in NJ some s nnderhand manner about the
cannot do this: let how lie will proceed
to insure profit The first thing to decide is the
made at the just odds in favor Of A. that the
stakes both sides should amount to 81 200, tho
fair wager would then be $500 to 1900 that will win.
However, the bookmaker having found some green
horn, x who he persuade to take smaller odds,
he takes his book and writes down $500 to f3OO He
now finds some other greenhorn, Y, who is very
anxious to back A, and having duly bewailed his
misfortune in having no choice but to lay
and obtains the odds of f9OO to f2oo in
favor of A. The book therefore, stands thus $500
to f300 with that wins f2O0 to f90O with that
Sn Apti,s hSap nfpn,.
pays $500 to Y pockeang balance of fl00. and if b
wins he pays fs00 and f9OO from Y thus
also pockcting fl0O.
But there usually several horses in race let
us suppose five horses run-A. b, c. D and F.
and let the Just odds the five horses
against c. to against and IL to l against Z.
Now assign fc- the sum which at these odds should
wagcred each horse 80 that the total stakes in
each amount to fl2000. Then the bookmakcr.
laying the odds against all Ave horses, ought to lay
$4,000 TO f4Oo0 against A. $4,000 to $4,000 against b.
fl0000 to f2OOo against c. f100O0 to $4,000 against
and fll.OOO to flOOO against Z. In this
each bet would be perfectly fair: but
would neither lose nor gain penny, which
would not suit his book, so he has to seek foolish
persons who will wager something considerably short
of these sums. So he makes his book follows:--
$1,000 to "a against A. 800 to $4,000 against b.
$4,000 to f20Oo against c. $4,000 to f2O0O against d,
$4,000 to f1O00 against L. simple calculation
shows the result TO be folows:-If wins he pays
$1,000 and gets $4,000. fa,0o0 f2oO0 and 1000, or
$4,000 in all and therefore pockets 9l.ooo II wins
he pays 81 800 and gets "a 600, e., 900. g. 600
and $1,000, $1,000 in all. and pockets FL, 500.
II or wins he pays $4,000 and gets $4,000, $4,000.
f2OOO and $1,000. or $4,000 in all and pockets 1000.
II wins he pays $4,000 and gets g. 900. $4,000,
coo and f2OO0 ell 900 in all and pockets f3 OOO
1t is thus easy to see why bookmaker gets more
when favorite wins. He finds it easy enough to lay
EsoO to f10OO instead of ELL 900 to OOO but not
easy to reduce the proper wager of fS00 to $4,000
against the favorite by anything like the amount
In other words. he could not well offer to instead
Of to about the favorite when he finds it easy get
the offer of to instead of IL to about the out
slider accepted To the required amount. For this
the of the favorite is called blow to
tho is not that they lose but that they
do not gain so much as when an outsider wins.
The bookmakers path to success then, SO far as II
depends on the true chances Of the various horses
engaged in y race, is ut once simple and sure He
has only to arrange matters that the total stakes
each horse that is, the of money he and his
opponents stake each horse would be alike if the
just odds followed but from each wager Of his
he must deduct from the correct sum much as he
persuade his opponent to allow II he does this
he is TO win. II does not matter whether he
gives takes odds, long he brings up the total
stakes about each horse to the correct amount when
to his own stakes has been added what he has de-
Quoted for profit. The only disadvantage in taking
the odds il that he get less out of II already
shown. the bookmaker lays the odds and finds
very little trouble in doing to any amount he may
require