It is perhaps better that such a change should take place, racing being now more a business than a pastime. It is not an easy task to disguise the fact that the chief end and aim of the horse-racing of the period is gambling; the bigger the meeting the greater the gamble, as those who attend race meetings can discern for themselves. A few staunch votaries of the turf who do not bet are still left, no doubt, to indulge in horse-racing for itself, that is to say, for the pleasure they derive in witnessing the sport, and in some instances because it affords them an opportunity of trying their hands at breeding; but it is not too much to affirm that of every hundred persons now "on the turf," ninety and nine of the number are gamblers. For twenty years and more the opportunities for gambling by means of the horse have been multiplying on all sides; at all meetings the loudest noise emanates from men who are trying to incite other men to gamble. To-day the horse is our greatest instrument of gambling. A hundred years ago the public were demoralised by means of lotteries; but the money then changing hands was assuredly not one-hundredth part of the amount which changes hands to-day in connection with one or two of our important races. Next in extent to the speculation of the Stock Exchange and produce markets comes the gambling which takes place on such popular handicaps as the Cesarewitch, Cambridgeshire, and other struggles of the turf. As has been hinted, the future of horse-racing ("the turf") is in some degree likely to take shape from the new departure in the form of gate-money meetings, as developed at Manchester, Kempton, Sandown, and other places. The joint-stock companies who usually inaugurate gate-money races can afford to offer immense inducements to the owners of the best horses to run them on their grounds; when the "added money" (?) to a handicap amounts to four or five or say even two thousand pounds, it is only reasonable to suppose that the owners of race-horses will compete for such prizes. It is shown on another page that to keep a stud of race-horses is an expensive amusement, and as few men are able to do so without looking for some return by which to lighten their heavy training bills, they are more likely to find what they want at the kind of meetings now so much in favour than at smaller gatherings held every now and then in different and distant parts of the country, where, although the stakes are much poorer, the expenses are quite as high, or even higher, than at Kempton, Sandown, Derby, Manchester, or Leicester.