According to a report by the Betting and Gaming Council (BGC), it's estimated that there was an amount of between £70 and £100 million wagered through unlicensed operators during the Grand National festival, which highlights the scale of the black market around one of the UK's largest betting events. In fact, it's estimated that around £40 million of that total was staked on the main event alone.
Illegal gambling surges during Grand National as £100M bet off-book
The BGC has warned that major events such as the Grand National attract illegal bookmakers looking to reap the benefits of an increasing number of people wanting to place wagers on these types of occasions. They have also stated that increased costs to licensed operators due to stricter affordability checks could push bettors toward unregulated sites.
Repeatedly, the BGC has warned that requiring users to provide comprehensive and detailed financial information could deter individuals from participating in the regulated market.
Grainne Hurst, the BGC's Chief Executive, stated that policymakers need to concentrate on keeping customers within the regulated market, where there are protections for patrons, instead of driving them to illegal alternatives through over-regulation.
The organization also highlighted the wider contributions that the regulated gambling market makes to the UK economy; over £6.8 billion annually, 109,000 jobs supported and £4 billion generated in taxes, which are not provided by unlicensed operators.
The BGC further warns that illegal gambling has now moved from a fringe activity to a more mainstream concern, particularly during peak sporting events.
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