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With Betfair I can bet on that nag to come last
While exchange betting won't prove the panacea its supporters hope (it's for win betting only, you need a computer with a funded account, if there's not much liquidity nobody will care, etc.), it does have potential to increase handle. Let's say there's a six-horse race with three obvious favorites at 9-5, 2-1, and 5-2. There's no value playing the race--but with an exchange, I could bet against the other three horses, thus creating handle where there was none. Let's say I need 3-1 to play a particular horse. At the track, he's 5-2, too low to play. On an exchange, he's 4-1. So I can beat a big bet on the exchange instead of no bet at the track, again creating handle where there was none. I could give many further examples of situations where an exchange will create handle, but this all may be moot unless the mathematically challenged horsemen's groups (which favored the most recent takeout increase) agree to contracts with any exchange. And given their sorry history, I don't think this is any sure thing.— December 8, 2010 1:14 p.m.