Firstly, let me state that I have a neutral position on the pros and cons of Betfair being able to operate here. I think the TAB perceives this operator as a legitimate threat. Accordingly, a slumbering monolith has now been stirred into action and it has some very powerful allies so we will have to wait and see what happens.
However, the point I make is that Betfair operates in an environment in Britain where let's face it, racing is in a somewhat dubious state in relation to average prizemoney per race and the general quality of runners in fields with only a small number of runners. Look what Choisir did to their best in the space of one week!
In Australia, yes, we have some problems with our providers of betting services and the crippling taxes imposed upon the average punter.
Apart from this, our system is structured in such a way to ensure that a large portion of funds goes into increased prizemoney and facilities at the tracks. Although I believe there is a case for rationalisation of some administration to enable even higher prizemoney to be paid. This has a beneficial flow-on effect by making it worthwhile for new participants to enter the industry and outlay huge sums to hopefully share in the spoils. The breeding industry also benefits and breeders(local and overseas) are willing to pump large sums into their quest of finding a champion.
What I am saying is that a portion of every dollar bet here goes to the benefit of Australian racing unlike in England.
There is too much at stake here for the jolly green monolith to not react and I think I know who will win in the long-run.
Good luck in your endeavours but be prepared for a fairly predictable outcome.

Cheers.