Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-03
FOOLS MONEY
BY W. A. FRASER.

I-aLely L HSkeQ q &c uWHci-1 o~~->
plunger himself-what he thought of race
betting. He answered TO the point:
''Betting is a luxury; man is a fool to
seek It as means of income
We were seated Ia big hotel on 9Th ave-
nue.. and he added:
Betting is a luxury, just as living here
Is; can go over to Broadway and get
meal for half the money, but like to have
It here because can afford it."
I asked another man in that same hotel
one of the most prominent race men in
America. a man who is in the racing game
to make money-if he still found betting on
the horses profitable game.
81 have quit betting" he said; 1T Is too
difficult now to pick winners. ! made
morey out of racing in the - 'i7- III
would be only five or SIX h r<see,
I would have the best morse entered, and
could back him heavily. Now you will have
from ten to twenty horses coming together
from all parts OF the country; they have
never met before, and the w-isest man that
eve- handled a thoroughbred can't tell
which is tine best, to say nothing OF aeci-
dents. bad starts, poor jockeys, lack OF
condition"
Personally know of but one real success
in the betting world, that of the famous
plunger who died a year ago. His success
was due to some extraordinary instinct that
caused him to bet fearlessly and without
valid reason at times, and again refrain
from speculation for days and days IN
spite of all stories to the contrary, he hao
really no regular system; he rarely hsteneu
to advice Truee he had in his employ
close observer of horses, but often he WaS-
cred heavily in direct opposition to this
mans advice, even to the advice OF MS
trainer.
The Bookmakers' Advantage.
The pooiroom l-3apers and the bookmak-
ers depend upon the large percentage in
their favor. With all their enormous ex-
penses these gentlemen make considerable
money Theirs is more or less OF com
mercial transaction, depending for its profits
upon this same percentage, which Is about
the only reasonably sure thing in racing
and, consequently. this percentage must be
against the hacker. 1t is greater, more re-
liable than his judgment. and In the end
must be more steadfast than any luck he
may have. The hacker usually pits his
Judgment against the knowledge Of say for
convenience sake. ten others. This Is too
precarious an arrangement for man OF
commerce like the bookmaker. He takes
refuge in his percentage, and, so long as
he sticks to that generally makes money.
But even the bookmaker or the pool room
keeper has the gambling faint in his blood,
and sometimes plays both ends against the
middle; he lays against the horses in his
book and backs them on the side like any
other full-fieeced lamb looking for shear
ing. And. like the eager, get-rich-quick
victim that comes down out of the stand.
the backing bookmaker generally gets
shorn.
Four Years Betting-$250, 900 Loss.
Lately l met In the rotunda of the Hoff-
man House one of the shrewdest race-track
followers of the day. 1 asked him how he
had been going since l had seen him
last.
He replied: i've quit; I've lost 100000
in four years. can't beat them
had at
knowledge obtainable on the race course,
and yet the percentage of chance was too
strong for him. That he had quit was
just something said; 1t didn't mean any
thing for, inevitably, next summer he Will
again essay the impossible
Anachronistically. the man least qualified
to pick winners is generally the most ar
dent in betting risking his dollars in con-
frmation of his superior judgment. The
trainers in big stables should have knowl-
edge of possible winners II such prescience
is not altogether visionary; but. as mat
ter of fact these men rarely. II ever, bet
they realize that it is too difficult a propo-
sition.
The Pool Room Evil.
Few persons are aware of the wide ex-
pansion of race betting. Nearly every ho-
tel has It's Handbook man, either within
the hotel or within easy reach. The hand
book man Is one who takes bets from
guest OF the hotel If he knows him. or
through the medium of a waiter or other
employee. He may be connected with the
pool room making a book on his own &C
count: and the odds he lays are governed
by the newspaper returns of the track bet
ting. called starting price. His profits arc
large because his expenses are but per-
sonal; but as his clientele Is limited, per-
haps not more than one or two horses are
backed with him for a race; so, In profess
sional phraseology, he can't get around on
his book Getting around on the book
tt.,r lrr hot ny
horse wins the bookmaker wins on his per-
ccntage the bets the losers more than
covering the pay-out on the winner. II
really a great game-for the bookmaker.
A tout is the self-appointed drummer-up
OF business for the bookmaker. Ost ansibly
ne Is the friend of the bettor; In reality,
he is valuable agent for the layer-of-odds.
for tout's real business Is to find hacker
for every horse in the race sharing the
profits OF the man who has CHANGED upon
the winner. And this Is really what the
bookmaker would like in his game. II
every horse In the race were backed with
him ne could get well around on his book
and have substantial profit.
The bigger touts. "handicappers' they
call themselves. who advertise SO largely
In the sporting papers, do not pursue this
best knowledge to hand for the selecting of
one horse IN each race. But they take no
chances upon the result of their judgment;
they exact fee.
Newspaper Tips Preferable.
A betting man might as well, better even,
take the selections that come gratis from
the turf writers employed by the papers.
But there Is a whole army of men who
think the advice they pay for so dearly Is
more valuable. as Is evidenced by the fact
that these tipsters are able to pay for
costly advertising space. No better evil
deEce OF the worthlessness of the upsteTs
knowledge Is necessary than the fact that
he follows this occupation. If he could
really pick winners he would soon become
millionaire by keeping that knowledge to
himself ana backing 1t with the books. He
could start with ten dollars and at the end
of a racing season retire with an income
sufficient to keep him in luxury for the rest
of his life. But he knows the ultimate
worthlessness OF his goods, and he sells
tbem to dupes who do not know. One big
firm of tipsters now more, so long as
they followed their strict line of business
derived an enormous income, but Injected
by the fever their calling bred. they took