Yes, I fully agree. It will be very interesting to see how this plays out over the coming months. We've all noted that Betdaq's liquidity scarcely seems to have improved since the Ladbrokes takeover. What is more, the early indications (and I realise that the Ladbrokes exchange has only been operational for a few weeks) are that the combined forces of Ladbrokes and Betdaq are struggling to make even the smallest dent in Betfair's domination of the exchange market. If this continues, then Ladbrokes are potentially going to be facing a dilemma. Do they effectively give up trying to become a major player in the exchange market (and maybe even sell off Betdaq and close their own exchange), or do they throw some serious money at the exchange arm of their business in a concerted attempt to boost liquidity and ultimately to topple (or at least rival) Betfair as the market leader? One thing is for certain, Ladbrokes' new found commitment to the exchange market is going to be severely tested over the next twelve months.