If betting can ever be made profitable, it must be carried on in a most systematic and restrained manner. A few points in the odds make the difference often of some thousands; and it will require a man's whole time and attention to take advantage of any turn in the market.
A young man who goes racing with the idea of making money is of necessity quickly disillusioned in the most unpleasant of ways. If he knows no racing men he is, of course, hopelessly at sea; but should he have means of obtaining really good information, his fate is generally even more deplorable, for some untoward incident almost invariably happens when a big coup is on and the good thing goes down.
Not a few, in despair at continual losses, make up their minds to wait for "absolute certainties," and lay heavy odds on some horse which it would seem cannot possibly be beaten, a method which usually proves very expensive in the end.
Of all meetings Ascot seems most fatal to gamblers of this description. A particularly disastrous meeting was that of 1879. In the Vase, Silvio, 9 to 4 on, fell before Isonomy; Peter, 5 to 2 on for the Fern Hill Stakes, was beaten by Douranee; Victor Chief, 7 to 4 on, was fourth to Philippine for the Seventeenth New Biennial; Valentino second for the Maiden Plate at 5 to 4 on; Silvio, 6 to 4 on, was beaten in the Hardwicke; and Aventurier, 2 to 1, was defeated by Royal for the Plate of one hundred sovereigns, which concluded this woeful meeting.
Another "Black Ascot" was that of 1882. 8 to 1 was laid on Geheimniss, which could only obtain second place in the Fernhill Stakes; 9 to 2 on St. Marguerite, third in the Coronation Stakes; 11 to 8 on Rookery, second in the New Stakes; and 9 to 4 on Foxhall, second in the Alexandra Plate. An appalling series of disasters for the unfortunate backer!
Layers of odds on again suffered at Ascot in 1894, when 5 to 1 was laid on Delphos for the All Aged Stakes, and 5 to 1 on La Flèche for the Hardwicke on the Friday. The odds in each case were upset, both being second.
At Ascot this year backers as usual did not fare particularly well, for notable upsets occurred in the Coventry Stakes, won by the Admiration colt at 20 to 1, and in the All Aged Stakes, in which 100 to 15 was laid on Hallaton which succumbed to his only rival Hillside.
When everything is said and done, there can be no doubt that the individual who starts out, either as bookmaker or backer, with the idea that he is going to make a fortune must, as an old racing character (Billy Pierse, whose father fought at Culloden) used to say, "want it here."
This expression was very popular with "T' au'd un" or the "Governor," as Billy was commonly designated on the Yorkshire courses. Once at Doncaster, when Sir John Byng had to decide a dispute as to jostling to the prejudice of a horse trained by "T' au'd un," the latter insisted that Sir John could not distinguish between a race and a charge of cavalry, and that he could by no earthly explanation be made to comprehend in what a "jostle" in racing consisted. So cantankerous was Billy on the subject that he accosted an old gentleman, whose erudition he held in high esteem, in the following manner: "Tell me, sir, wasn't this Sir J. Byng's father or grandfather hanged?" "No, Mr. Pierse," was the reply, "not hanged; probably you allude to the Admiral, who was shot." "I thowt," rejoined Billy, "it was sommat o' t' sowort, an' it's much of a muchness between hanging and shooting; but I'll uphoud ye that this Sir John Byng will never do for the Turf—he may be well enough for a General, but he'll never do for the Turf! He wants it here, sir," added Billy, putting his finger in a most expressive manner on his forehead, "he wants it here!"
The maxims of "T' au'd un" were held in great respect, and the Duke of Cleveland, for whom he won several races on Haphazard, used frequently to ask the old man (who had had his last mount in the St. Leger of 1819) to Raby. Concerning these visits Billy used to say, "I never forgot that I was Billy Pierse—I was useful or I wouldn't have been theer." This was to some extent true, for the Duke had a high opinion of his judgment in Turf matters. A favourite saying of Old Billy, and one which afforded him much comfort, was, "I've done as many as have done me." Nevertheless he was straight enough, according to the Turf ethics of his day.