Eclipse Award-winning writer Bill Finley looks at the growth of exchange wagering through the creation of the international gaming giant Betfair. Exchange wagering allows customers to bet among themselves and has boomed since June 2000, with Betfair now handling more transactions per day than all the European stock markets combined. Finley explores how exchange wagering has impacted horse racing overseas, what pitfalls the new wagering system presents, and how its adoption in the United States could potentially help or hurt the horse racing industry.