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.