This CSFI report is written by two former accountants – Michael Mainelli, an expatriate American who now runs Z/Yen (which he describes as a risk/reward consultancy) and Sam Dibb (who is now a semi-professional gambler). Its main thesis is that the advent of the internet-based betting exchange – Betfair and its challengers – changes everything. These changes are greatly to the advantage of punters (no surprise there) – and greatly to the disadvantage of traditional High St. bookmakers, for whom the future is bleak. Adapt or die, is the message for them – and most will almost certainly die.