BLACK MARKET CASHED IN AT CHELTENHAM AS CRIMINALS TARGET RACING’S BIGGEST WEEK

The harmful gambling black market was set to cash in during the Cheltenham Festival, with up to £60m potentially staked with illegal operators during the four-day meeting - equivalent to around £2m per race - the Betting and Gaming Council (BGC) warned during racing’s biggest week.

Britain’s annual horse racing betting turnover is estimated at around £11bn, including roughly £8bn staked on the legal online market. Cheltenham is widely reported to attract up to £1bn in betting stakes during the Festival.

Recent analysis suggests the illegal market now accounts for around 6% of all betting stakes in Britain. Applied to Cheltenham betting alone, this means up to £60m could have been staked illegally during Cheltenham week.

The BGC warned that tax rises on betting operators and the threat of intrusive 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.

These 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.

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.”

Licensed betting operators in Britain must meet strict regulatory standards including age verification, anti-money laundering checks and safer gambling protections. By contrast, the criminal harmful black market operates entirely outside these rules and provides no safeguards for consumers.

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.

The BGC said tackling the criminal gangs running black market gambling sites must remain a priority to ensure punters stay within the regulated market where protections are in place.