Some who think themselves wiser than their fellows come early to the conclusion that the indiscriminate backing of horses, or even tipsters, or newspaper selections is a blunder, and so resolve to try a "system," feeling sure that by speculating on a well-defined principle they must make money. In due time the cleverest think out for themselves or are put on a plan by some friend, which is morally certain to prove successful. It may be one of the many systems known in connection with turf speculation, "following the favourites," or backing one's own fancies, or it may be the following of jockeys.
To back the horses ridden by certain jockeys has for years past been one mode of speculation on the turf. It was first brought to the notice of the public by a Mr. John Denman, who acted for a time as a racing commissioner, and who maintained (he published an elaborate essay on the subject) that it would prove profitable to back horses ridden by men who were always winning.
In persistently following Barrett, Watts, Woodburn, Canon, or Loates, or any other jockey, the plan of putting down a given sum on each mount, win or lose, may be adopted, or a particular jockey may be followed in sequences of six or seven trials, or even a lesser number at pleasure, the stake being doubled on each occasion of a loss, till the end of the sequence, and in cases—no uncommon occurrence—of a sequence running out before a win has been secured, beginning again. There are many, some even well versed in turf affairs, who probably think it almost impossible that Loates, Canon, or Barrett or some equally clever horseman, could be unsuccessful for seven consecutive turns; but should the jockey selected prove unsuccessful even four times running, and then at the fifth trial score a win, the very meagre price usually offered against a popular rider proving victorious—indeed, the horse entrusted to him very often starts with odds betted on it—renders the winning account, on most occasions, anything but profitable. It is not sometimes a very easy matter to invest a large sum on a comparatively small race, and in connection with the mounts of the more popular jockeys the investment of £320 would not often cover previous losses; it might happen on occasion that £100 would require to be risked to win £30, so that in the event cited a loss of over £224 would be sustained on the run of six non-successful mounts in the sequence, and it is needless to say that a series of such misfortunes would speedily exhaust a pretty well-filled bank.
To the uninitiated in turf mysteries, for whom this book is more immediately intended, it may be necessary to explain that a "sequence" may be arranged to extend over any number of mounts from two to twelve, or even a greater number if that were practical, which it is not, because in such case the sum to be invested could not be "got on," it would have become so large. The sum fixed upon as a stake may be for any reasonable amount from £1 to £20, only it is not desirable to fix it at a very large amount for the reason just given—it would swell to an unmanageable size. Taking £5 as a representative sum, it will be seen that before the seventh trial, should the six previous efforts have failed, a smart sum of money will have been expended—the following amounts, in fact: £5, £10, £20, £40, £80, £160, or a total of £315. The next stake invested, in the event of none of the six having proved fruitful, would amount to £630, and if that also should be lost, it would, of course, swell the total. On the other hand, £630 invested on a race at 2 to 1, would yield a return of £1,260, and thus, after deducting the money lost, yield a capital profit.
The vicissitudes experienced from time to time by backers of horses would, if related at length, fill a volume. Many anecdotes are in circulation of men who have been ruined by backing horses, as well as of others to whom the turf has proved a stepping-stone to fortune. I remember when there used frequently to be recorded a suicide over the Derby, which was said to be the result of losses sustained over that highly popular race, but such narratives were usually taken cum grano salis. It is not over such races as the Derby that the common run of backers come to grief, because that race does not present such favourable opportunities to speculators as the popular handicaps.
The Derby is a race for which the general public evince much partiality, and on which a large number of persons who never bet on any other race risk a sovereign. Professional bettors, of course, bet on the result of the Derby as they do on all other contests; but the "form" of the horses which take part in the struggle having generally become well known, there is not the same temptation presented to speculators as in some other events where the odds obtained are more liberal. On the other hand, some men prefer to back the favourites for such races as the Derby and Oaks, being contented with the twos to one and sevens to four which can be procured from the bookmaker; but persons who like the twenties, thirty-threes, and forties, which can often be obtained against handicap winners at some period before the race, do not readily accommodate themselves to the large expenditure involved in accepting small odds. I remember a well-known betting man who is a keen hand and speculates in large amounts, taking £2,000 to £1,000 that Bend Or would win the Derby, and every person knows what a very narrow squeak he had for his money. The same person, incited by his success in backing the winner of the Blue Ribbon of the Turf, backed Versigny to win him £2,000, and by doing so required to risk about £1,200, so that he had only £800 of his Derby gains left, a portion of which was lost over Master Kildare in the Gold Cup.
The person here alluded to, who is well known by his nickname of "Public Form,"[4] is a very heavy bettor, putting down at three out of every four of the race meetings which are held stakes of from £50 to £200 on even the smaller races, whenever in fact he thinks he has got hold of what is called "a good thing." In some seasons "Public Form" has been very successful, although from the state of the odds against the horses which he backs he seldom "lands" a big win; but if he thinks the chance an extra good one he will not scruple to give odds, but will put down £700 to win £400, or he will take even money against the chance.
It will be obvious enough that a person betting such large sums runs heavy risks, more especially as he so seldom goes for big odds. Risks, however, are comparative, and it should be easier, therefore, to realise a 7 to 4 chance than to obtain a win when the odds are at the rate of 66 to 1; in the latter case the bettor only requires to risk £15 to win £1,000, while in the former case to win a similar amount a sum of nearly £600 will require to be risked. Some bold spirits on the turf, when they think the opportunity has befallen them, "down the pieces" in the most fearless manner, or rather they go in for big money at the risk of those who will give them credit. On some occasions a lucky coup will be made that may prove to be the precursor of good fortune. A man may bring off a double event or may win a few hundred pounds over a handicap, and so be able to inaugurate a successful career on the turf. On the other hand, a person may bet for a season with all his might, and with fair knowledge and experience, and lose more than another man may pocket. Numerous instances of such being the case might be cited. It is not long since the sporting journals related the downfall of a backer who in one season made a tolerably nice little fortune by backing the mounts of the chief jockey. In a few months the thousands which that person had realised had taken unto themselves wings and flown away, and so he became "broke," like similar speculators.
There are, however, men on the turf at the present moment who are worth money, and who earned what they possess by betting. The persons here alluded to have proceeded on the lines that "small fish are sweet," and have been contented with modest profits, taking care to keep carefully what they gain. "Old Thatchem,"[5] who is the happy possessor of a whole village in a well-known racing county, made all the money with which he bought or built his houses at the race-meetings held in his own shire. His first bit of luck—he was then a day labourer—was in realising a bet of £10 to 10s. on Princess for the Two-year-old Stakes at Doncaster, in 1843. A sum of £10, forty years ago was thought by a labouring man to be "money," and such was the opinion of "old Thatchem." Not a penny of the £10 was parted with till next year, when a sovereign invested on Kedge for the Champagne Stakes doubled the sum, whilst £2 invested on Bee's Wing for the Gold Cup added £16 to the hoard. In three years the old man was worth a cool hundred, which he invested in the purchase of a house. His ambition being stirred, he continued his careful and successful career, and soon became an adept at his business; not that he was always successful; oh, no, many a time he felt the frost of speculation; on such occasions, like a prudent general, he wisely desisted from business for a brief period that his luck might have room, as he was wont to say, to turn itself round.