Exchanges will only ever appeal to a small sector of the market... that might grow, but the added exposure will bring more smaller punters into the TABs anyway.

TABs, bookies and exchanges all have their place in the modern race wagering environment - it's up to each type to establish their niche.

TABs have the casual punter, the offcourse market, cash convenience, exotics etc

Bookies offer credit, features like top fluc, you know you are set at the time, etc.

Exchanges will cater for the value-seeking punter, and the guy looking for other options - being able to oppose a horse out of its depth etc.