Bookmaking

When my father Honest Sid was bookmaking on the New York streets he often took me with him.  His idea of what he thought a seven-year old needed to know is described on pages 99-100:

"You remember what I told you a parlay was? You bet on one horse to win and you take those winnings and put it onto another horse to win." "I know what a parlay is, Dad." "Okay.  You make a two-dollar win parlay bet on Sideline in the first race and Roadrunner in the second race.  They both win.  Sideline pays $8 and Roadrunner pays $6.  How much do you get?  Work it out so I can see what you're thinkin'." "That's easy, Dad.  It's $24.  Sideline wins $8, so I can put four bets on Roadrunner.  Then Roadrunner pays $6 for each of my $2 bets.  So I get $24. But I like the other way you taught me better." "Okay, so do that, but let me hear what you're thinkin' again." "Oh, Dad, I just multiply the winning price on both horses and divide by two." My father stood silent, leaning against a car and waiting for me to continue. "Okay, so Sideline pays $6.  Roadrunner pays $8.  Six times eight is forty-eight. To get the answer I just go two into forty-eight.  It's twenty-four. Putting his arm around me, my father pulled me toward him and with a big smile said, "That was great, kid, but tomorrow I'm gonna see how you do when we start bettin' across-the board." With that he pulled a dime out of his pocket and gave it to me, adding, "You won it."