Layers as well as backers have large disbursements which they cannot avoid--as a matter of fact the vast majority of bookmakers who have died rich men have made their fortunes through commercial enterprises, though, of course, the moderate capital originally invested was made in the Ring. To acquire any considerable sum in this manner is by no means an easy thing. Much is heard about successful bookmakers; little of those who fail and disappear. 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.