There are ways around the wait with Betfair - and you can be in action at Ehorse's exchange within 10 minutes... albeit that's less liquidity, but if you have both markets open together - just offer about what's quoted at Betfair at Ehorse... and funny how it will get matched more often than not.
The only knock on the exchanges is you can't get down on exotics with them.
Within 10 minutes, anyone - even the smallest of bettor - can have an exchange and an 8% rebate on exotics. That's not exactly a secret. There are other, more elaborate paths to better deals as well. Basically, it's not the existing horseplayer being gouged as much as it is the future of the sport.
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