The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1884-11-04
BETTING ON HORSE RACES.
The Simple Principle on which the
BOOkmaker Works.

About twenty firms in New York
make Hvings through gratifying the
desire Of a portion of the community to
get money without labor, by betting on
horse races. The persons engaged in
this benevolent calling are for the most
part well-dressed, welI-fed men, pos
sessed of glib tongues and apparently
satisfied with themselves. Certain of
the fraternity wear jewlery as a possible
resort on rainy day, but the majority of
bOokmakers have the appearance OF solid
business men rather than the bird-Of
prey look. To support all this comfort,
buy all these fashionable clothes, and
Keep Mrs. Bookmaker and the little
BOokmakers dressed, fed and amused,
requires considerable margin in money,
after providing for the necessary ex-
penSeS of the business. And these eX-
penses are by no means light; for in
addition to the funds to defray car fare,
hotel bills and the like, while attending
races at a distance from home, with Oc
casional subscriptions for the support
of pool rooms in large cities and an
alogOus expenses, comes the serious cost
of place IN T.-;ch TO transact business
on the course itself. The racing asso-
Citations and Jockey Club having control
of the ground, naturally make the best
bargains possible. In the case of Jerome
Park, this bargain is made with the
Jerome Building Association, and con-
siderable portion of the money obtained
for rental of the betting stands, (some
81 900 each race day, is transferred to
the American Jockey Club which is a
Of hn
part of the purses put up for races. In
addition to the capital required for these
purposes, the boOkmaker must add
enough to be prepared to meet a run of
illluck, for though her system is bound
to win in the end, no system is exempt
from miShaps; and succession of out
side losses, against which he has laid at |
large odds, may at any time cause him |
to lose heavily. These black days are |
cOmmOIIer in England than in this coun- |
try, for the English bookmakers are in |
the habit of giving much larger odds |
against outside horses than their Ameri- |
can brethren. Thus in 1866 when Hermit |
won the Derby, he was laid against |
heavily at 100 to l, and the effect of his |
victory. besides running the Marquis of |
Hastings, and thus reVenging Mr.. Chap |
lin for the loss of his fdRcee, was severely |
to cripple the betting ring, some default |
ing, and others being entirely cleaned !
ont.
But with all these drawbacks and ex-
penses, the business is profitable. The |
ordinary bookmaker is rather lavish |
person, and to support some twenty of |
them, with their retainers, means mulct- /
ing the public in a large sum of money |
each year. Probably 5000, 000is annually |
contributed by betting men, proving |
that the interests OF the public and the |
boOkmakerS are opposite, and irrecOn- !
cilable. The boOkmakers would not |
remain in business if they found it a |
losing game. The machinery of book |
making is quite simple, and works on /
the principle that, there being but one
winner possible, wagering against all |
the contestant must result IN a balance
to profit. Suppose all the contestants |
are wagered against in equal sums
which, however, is never the case), to
keep the balance on his side, the book
maker alters the odds as he finds the
public desire to place their money. For
instance, if he finds a horse becoming a
favorite, he rapidly reduces the odds
against him so as to choke off the betters,
and force them to place their money on
other animals and so limit his possible
losses. To effect all this requires con-
facility with figures, combined
with an extensive knowledge of horses,
their capabilities and performances,
and how these are likely to be affected
by changes in the weights carried and
other causes. In fact, as has often been
said of all sorts of irregular trades, the
patience and quick wit neces-
Sary to achieve success in them would,
if otherwise applied, produce much more
solid results.
a considerable proportion of the pop
ulation of this country and England are
content +. to contribute literally 1l year by
in vain attempts to win money where |
the least forethought would tell them
the odds were hOpelessly against them.