Industry group claims UK gambling black market may have taken £60m in bets during Cheltenham
The BGC claims the illegal market accounts for around 6 per cent of all betting stakes in Britain.
UK.- The British gambling sector lobby group The Betting and Gaming Council has claimed that the black market “cashed in” during the Cheltenham Festival last week. It says up to £60m could have been staked with illegal operators over the four-day horseracing meeting, equivalent to around £2m per race.
Britain’s annual horse racing betting turnover is estimated at around £11bn. That includes roughly £8bn staked on the licensed online market. Cheltenham is “widely reported to attract up to £1bn in betting stakes,” The BGC said.
“Recent analysis suggests the illegal market now accounts for around 6 per cent of all betting stakes in Britain. Applied to Cheltenham betting alone, this means up to £60m could have been staked illegally during Cheltenham week,” it said.
The BGC said the figures highlight the growing threat posed by illegal gambling operators who seek to take advantage of major sporting events while offering none of the protections required of regulated firms.
It also warned that UK gambling tax rises and financial risk checks requiring customers to provide personal financial documents, such as bank statements, risk pushing more punters towards the illegal market where no protections exist (it should be noted that licensed horseracing betting was actually granted an exemption from the rises in the British gambling tax rates).
Grainne Hurst, Chief Executive of the Betting and Gaming Council, said: “Cheltenham is the biggest week of the year for racing fans and millions placed bets safely with regulated operators. But the criminal harmful black market also tried to cash in, targeting punters with illegal betting that offers none of the protections provided in the regulated sector.
“Rising taxes and increasingly intrusive checks will only make it harder for legitimate operators to compete. The priority must be keeping punters in the regulated market where protections are in place, rather than driving them towards harmful unregulated operators.”
The BGC added that the regulated betting and gaming sector supports over 109,000 jobs, contributes £6.8bn to the UK economy and raises £4bn in tax each year, while also providing vital funding for British horseracing.
