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To me, exchange wagering is far and away the greatest innovation in horse racing wagering in my lifetime as long as the spread and "rake" are modest enough to be similar to or lower than the track take.
The problem was getting all the major tracks to sign on so it could grow to critical mass in the US. There's also nothing wrong with both models co-existing. Most or all the exotics could be parimutuel and WPS and booking bets on an exchange.
Unless you've played on exchange you won't understand how terrible a development this is for horse players even if the tracks or others are happy about it.
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"Unlearning is the highest form of learning"
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