Illegal Betting During Cheltenham Festival May Have Reached £60m, Says BGC
The trade body said unlicensed operators were likely to target the four-day horse racing meeting, with the estimated figure equating to roughly £2m wagered illegally per race.
Illegal betting activity during this year’s Cheltenham Festival may have reached £60m, according to estimates from the Betting and Gaming Council.
The trade body said unlicensed operators were likely to target the four-day horse racing meeting, with the estimated figure equating to roughly £2m wagered illegally per race.
The Cheltenham Festival is widely considered one of the largest betting events in British horse racing. Overall wagering during the festival is estimated to approach £1bn each year, forming part of the UK’s £11bn annual horse racing betting turnover.
According to analysis cited by the BGC, around 6% of all betting in Britain is now believed to take place through illegal operators. Applied to the Cheltenham Festival, the organisation said this could translate into tens of millions of pounds being staked outside the regulated market.
With approximately £8bn placed legally through online betting operators each year, the BGC said major events such as Cheltenham demonstrate the scale of activity that continues to flow to unlicensed sites.
Grainne Hurst, Chief Executive of the Betting and Gaming Council, said the organisation remained concerned about the growth of the black market.
“Cheltenham is the biggest week of the year for racing fans and millions placed bets safely with regulated operators,” Hurst said.
“But the criminal black market also tried to cash in, targeting bettors with illegal betting that offers none of the protections provided in the regulated sector.”
Concerns over regulation and taxation
Industry groups have increasingly warned that tighter regulation in Britain’s gambling sector could push some players towards unlicensed platforms.
The BGC has previously raised concerns about measures outlined in the UK government’s 2023 gambling white paper, including proposed affordability checks aimed at strengthening consumer protections.
Horse racing stakeholders have also voiced concerns about the potential financial impact. The Jockey Club has previously warned that affordability checks could reduce racing revenues by up to £250m over five years if bettors move to unregulated alternatives.
Additional pressure could come from planned tax increases. From April, remote gaming duty is set to rise from 21% to 40%, while remote sports betting duty is scheduled to increase from 15% to 25% in 2027.
The Betting and Gaming Council said stronger action against illegal operators will be necessary to ensure players remain within the regulated market and to protect the long-term sustainability of the sport.
