Yep, I am a punter and understand the difference.Your example...

Yep, I am a punter and understand the difference.
Your example is purely frivolous (expect for a few times a year), to even suggest that bookmakers would take that sort of bet on an average race. In fact, the problem is that bad (with being cut back, marked as smart, being on intercept etc) that the Racing Industry had to bring in legislation for minimum bet limits to lose only $2,000 for metro meetings (let alone a bet of $50,000 at odds).
Contrary to your post I would argue that the big punters here and in the USA are betting into pari-mutuel pools (including some high profile that are only betting into the Tab pools and fixed odds now).

Will be interesting to see how the funding model works with pari-mutuel product fees at 7+% and what BM is offering with fixed odds (I don’t know what that is, but interested in knowing if that figure has been published. Does anyone know?)

Times are changing and I think a lot of people would love bookmakers to act as a bookmaker rather than following the tote. Will be interesting to see what the appetite for taking large wagers will be and how large punters take to this as I presume this will be a no-rebate product.

At the end of the day after BM gets a license, personally I think the harder part will be making sure profits are returned to stake holders. If they do that, then that will be a game changer.