Britain's most exclusive bookmaker on why other firms are getting it so wrong

Not many bookmakers open their own private members' club in Mayfair but, when Fitzdares chief executive William Woodhams sees the rest of the industry going one way, he will look to head in the opposite direction.

Woodhams does not give the impression of a stereotypical bookmaking boss but there is no hiding his enthusiasm for the business, for racing, or indeed for the new club, which opened at the start of September.

It may be early on a Tuesday lunchtime but tables in the dining room and bar at the club, just round the corner from Claridge's, soon begin to fill up while televisions around the walls show action from both Racing TV and Sky Sports Racing.