Still great value on the exchanges - you just might have to work a bit harder

When reality hit that betting exchanges were here to stay, the impact was nuclear for some of the more traditional branches of the gambling industry.

I remember Peter Savill back in 2003, when he was chairman of the BHB, calling on the government to set up an independent commission of inquiry into betting exchanges.

But the ship had already sailed by then, and it was around that time the industry should have been embracing the revolution and looking for a piece of Betfair and Betdaq rather than looking down its nose at the new phenomenon. Racing's hierarchy should have bought an exchange, not fought against them.