BGC Cautions About £60 Million in Black Market Bets During Cheltenham Festival
Recent statistics reveal that 6% of all wagers in Great Britain are placed with illegal operators, prompting the Betting & Gaming Council (BGC) to express serious concerns about the repercussions for horse racing. The BGC estimates that during the Cheltenham Festival last week, a premier event in the horse racing calendar drawing in approximately £1 billion in total bets up to £60 million ($79.7 million) may have been wagered with unregulated, illegal operators. BGC Black Market
Based on current data, the council suggests that roughly £2 million per race could have been bet through illegal channels at the festival. This highlights the substantial scale of black market activity in the betting industry.
BGC CEO Grainne Hurst emphasized the dangers associated with illegal betting platforms. “Cheltenham is the biggest week of the year for racing fans and millions placed bets safely with regulated operators,” Hurst remarked. “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.”
The BGC has also raised alarms about how recent regulatory changes might be inadvertently fueling black market growth. Hurst pointed out that increasing regulation in Great Britain appears to be creating an environment conducive to illegal betting activity.
Read also: Bulgarian Football Union Strengthens Sports Betting Policies in 2026 Regulatory Overhaul
Specifically, the forthcoming implementation of affordability checks part of the 2023 white paper has been criticized for potentially damaging the horse racing industry. The Jockey Club forecasted that such measures could cost the industry around £250 million over five years, as punters may shift to illegal operators to avoid submitting personal financial data.
Furthermore, the UK government has approved a significant rise in remote gaming duty, increasing from 21% to 40% from April, with another increase for remote sports betting duty from 15% to 25% scheduled for 2027.
Hurst warned that these regulatory burdens are likely to encourage black market activity. “Rising taxes and increasingly intrusive checks will only make it harder for legitimate operators to compete,” she stated. “Our priority must be to keep punters within the regulated market, where they are protected, rather than pushing them toward harmful unregulated operators.”
The BGC has called on industry stakeholders to intensify efforts in combating criminal gangs involved in illegal betting, emphasizing the importance of safeguarding both consumers and the integrity of the racing sector.
