Race Track Gambling

In a new book callee! "Chance and Luck," made up of essays by the late Richard A. Proctor, the subject of racetrack gainbling is discussed in a very mterestlng way. He shows, clearly enoujjh, that nny man who follows the races for a livelihood, unless he is a professional bookmaker, is perfectly certain of bitter disappointments. Jli'.ny sramblcrshave systems, but Prof. Proctor, who was a ranthematician, (Icnionstrates how misleading is any systém of chances. ' For a lucrativo praetice of the bookmakers calling-, the first rule, to Prof. Proctor, is always to lay odds ag'ainst horses, never to back thera. Next, he should make his wagera nLainst every horse in the race as early as possible. when the odds are longest. "If he lays against a few which are certain not to run, so much the better for him; that is so much clear g-ain to start with. He should proportion his wag-ers so that the sum of what he lays against a horse and what he is backed for may amount to about the same for each norse. ilie precise system requires that it should be exaetly the same, but the bookmaker often improves upon that, by taking advantage in special cases of hisown knowledge of a horse's chance and of his opponent's inexperience. In every case he lays odds a point or tvro short of the legitímate odds against a horse. When his book has been made up upon these principies, the bookmaker can watch the race with perfect calmness." If he follows this course he cannot fail to gain a steady income from his victims, whereas, the fellow who goes into the betting ring, if he continue patiently in his course, is likely to learn before long1 how it is that the bookmakeis muke so much money.