Very well put Michal.
I saw that interview too and was wondering how he could make such claims.
All has been proven in the long run.

I now also understand why Australian liquidity will never even be close (by ratio of population) to that of the UK, and why arbing and trading is so attractive.

I haven't done the simulation myself, but I'd guess that the average punter is laying and backing horses at prices where he cannot win long term because of commission.

Traders and arbers could win if they were good enough, but now the only winner is Betfair.

They have effectively shut the door on an edge.

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