Placing a bet fraudulently, i.e. by exploiting confidential information, is equated to insider trading and can lead to a prison sentence of up to two years as well as a fine.
The circle around Sunak tightened further when it emerged that both Tony Lee, the Tories’ campaign manager, and his wife Laura Sanders, the party’s candidate in Bristol, are among those under investigation for betting on an election in July . Then it was the turn of Nick Mason, head of the party’s IT system, who allegedly made thousands of pounds by placing multiple bets.
Today a sitting minister, Alister Jack, responsible for Scotland, admitted that he had bet on the date of the vote and that he had won, but insists that he had not committed any crime because he had not been informed in advance of Sunak’s choice. That’s not all: Russell George, a Conservative MP in the Welsh Parliament, has self-suspended because he is being investigated by the Gambling Commission.
Betting is a very common pastime in Great Britain and betting shops are a visible presence in every city and town. Brits love betting on horse races or football matches, but bets can be placed on almost anything, including political events. It’s a business worth over £14 billion a year, and that’s why it’s monitored and regulated.
The scandal, which is expected to escalate in the coming days, is likely to lead to a review of the rules. There is nothing to stop MPs or ministers from betting on political events: it is only a crime if they use insider knowledge to make money in an illicit or fraudulent way. Today, Liberal Democrat leader Ed Davey echoed the sentiment of many when he said politicians should be banned from betting, just as footballers are banned from placing bets on the outcome of matches or tournaments.
