Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-21
HOW THE BOOKMAKER
HANDLES HIS BANK ROLL


, gether too small a profit for him to bother
with.
Those who have developed a desire to
become bookmakers those who have
concluded that the profits of the game are
so great as to justify almost any risk en-
ter the business with as big roll as they
command. The expenses of book
makers establishment at any of the tracks
controlled by the Jockey Club amount to
about $3.50 day.
Suppose there are six races day at any
one of these tracks. The bookmaker with
a bank rolf of $500 can afford to lose only
$3.50 on the first race. IL he loses that. he's
broke. On the other hand. the man with
a 5000 bank roll can afford to lose $3.50
on the first race before he is broke.
OF course, no bookmaker ever intends to
risk the amount of his roll on the first race,
and thereby hangs the tale of percentages.
And the tale of percentages involves the
question of long odds or short odds.
A man may go up to one layer and offer
to bet him $500 a certain horse in a GER
tain race
You're on" replies the bookmaker. and
he looks for other customers.
The same bettor offers the same bet to
the bookmaker on the next box who
pre- mptly declines. The odds offered by the
first layer We're. for instance, to l. The
second bookmaker offers to l or Z to >.
Why? Simply because he is, or regards
himself as, better trader He wants to
get that which is to be purchased at as
low price possible.
To be sure, the man who offers the big
ger odds is the man who viii probably get
the bets, but if the horse should win. the
man who regards himself the better mer-
chant is the one who is the better OFF.
This illustrates how the element of per-
sonaI pride enters into and interferes with
the profits of Il bOokmaker. Some book
makers can afford to haggle about odds
while others can't At least. they wouldn't
do for their regulations sake.
David Johnson Is one of those who when
they are on the box in the ring. never shy
at a bet of any size at any reasonable odds.
Jones comes along. looks at Johnson's slate
and says
Getaway"
Done" says Davie
Jones goes along 10 the next stand and
offers the same bet.
IT don't want it" replies the book;e TT
bet you fifty al TO l."
The second bookmaker can afford 10 bag
gle. Dave Johnson. known from tie At
laLtic to the Pacific as one of the biggest
gamblers in the world, can't afford FOR the
sake of his reputation, to hagsle about any
thing.
All is grist that comes to his mill anG
any bet that isn't a fool bet he'll take. It
is for this reason that it has often been said
OF Johnson, and of others like him, mat
he never could make any money in run
ming book.
So il happens that bookmaker's capital.
as in all other lines, must be in proportion
to the amount of business he is satisfied to
DO During the racing season which IS
soon to close there were four five book
makers whose bank roll was practically
unlimited. That is, any one cf them could
stand to lose 100000 in day and he back
at the old stand before the first race on
the succeeding day.
But these are the big men in the bust
ness. The average roll of the average book
maker is about 5000
It is said that it IS expected, with any
sort of luck, that the bookma kers bank
rolf will have returned at the end of the
season an income representing about 20 per
cent on the money invested. If such profits
are realized. 1t will be seen that the aver
age bookmaker gets more for his money
than the average man in so-called legiu-
mate enterprises