The Betting and Gaming Council (BGC) in the UK recently issued a warning that during last week's Cheltenham Festival, as much as £60 million may have been wagered with illegal operators. The Cheltenham Festival is considered the biggest event in horse racing, with total bets around £1 billion. Based on data that approximately 6% of the total UK betting goes to the black market, it is estimated that about £2 million per race was bet through illegal channels. In plain terms, this means that out of every £100 bet, £6 goes into the black market's pocket.
Black Market Scale: 6% of bets flow to unregulated platforms
BGC's CEO warns that Cheltenham is the most important moment of the year for horse racing enthusiasts, with millions betting safely with regulated operators. However, the harmful illegal black market also tries to profit by targeting gamblers and offering unregulated gambling without any protection. Recent data shows that about 6% of total UK bets go to illegal operators, indicating a staggering amount of black market betting during the festival.
Regulatory Tightening: Increased tax burdens and affordability checks are drivers
BGC also warns that increasingly stringent UK regulations may encourage black market activities. The affordability checks introduced in the 2023 white paper are considered particularly harmful to the horse racing industry. By 2024, the Jockey Club warns that such checks could lead to a loss of £250 million over the next five years, as players turn to black market operators to avoid submitting personal financial documents. The UK government has also approved an increase in remote gambling tax from 21% to 40%, effective from April, and the remote sports betting tax will rise from 15% to 25% by 2027. BGC urges stakeholders to intensify efforts to combat criminal gangs, both to protect players and to ensure the safety of the horse racing industry. Interested in the latest updates on UK gambling regulations? Follow PASA's official website for ongoing coverage.
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This article is from "PASA-Global iGaming Leader" gambling news channel:https://t.me/pasa_news
Original in-depth gambling channel:https://t.me/gamblingdeep
Free data reports: @pasa_research
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PASA official website: https://www.pasa.news
