Le gazon . que plus tôt dans la journée qu'il ne serait pas haveventured à risque, et il soutient les chevaux sans aucune chose approchant pour une raison suffisante. Il se sent,être follement excitables et impatient, qu'il musttry pour gagner son argent - il est, en fait, les paris accueil tocret. Si la dernière course a été d'abord sur thecard il aurait hésité sur la sauvegarde il anythingin pour une note de cinq livres ; il va maintenant ardemment puton une centaine, et de plus en plus, nerveux, très likelytry sera d'enregistrer sur un ou deux sources probables ofdanger, et qu'il arrivait souvent qu'il s'ennuie de thewinner et fait de mauvais beaucoup w

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The turf . that earlier in the day he would on no account haveventured to risk, and he backs horses without any-thing approaching to an adequate reason. He feels, being foolishly excitable and impatient, that he musttry to win his money back—he is, in fact, betting tocret home. If the last race had been first on thecard he would have hesitated about backing anythingin it for a five-pound note ; now he will eagerly puton a hundred, and, growing nervous, will very likelytry to save on one or two probable sources ofdanger, with the frequent result that he misses thewinner and makes bad very much worse. This is adaily experience. It is the last race or two on thecard on which the backer so often comes to grief;for, as a general rule, what he is pleased to regardas his bad luck steadily pursues him to the end. That is one trap ; another is the temptation toincrease stakes after a little success. A man hasa modest run of luck ; it no longer amuses him towin the small sums securing which once gave him. BETTING AND THE RING 209 mild gratification; he bets bigger; if he continuesto win for a time, bigger still, and, in a great manycases, when luck turns—as it assuredly will sooner orlater—in all probability he finds himself out of hisdepth after the well-nigh inevitable effort to gethome. I am tempted to quote a few lines from a briefnote on the subject which I recently contributed toa magazine, in answer to a correspondent who hadwritten to me on the subject. I can imagine a modern Gambado discoursing onthis theme, and setting off by sa/ing, Bet on everyrace ; because then you will soon come to the endof your money, and will not prolong the agony oflosing year after year. That, I think, would be anexcellent recommendation so far as it went. As forthe advice that my correspondent seems to want, anexperienced man might very well say, Follow themoney. A horse is rarely made favourite for a racewithout good cause. You may not know what thatcause is, but you may infer with

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