UK Prime Minister Rishi Sunak's Assistant Might Have Wagered Illegally on July Election Outcome
UK Prime Minister Rishi Sunak's most trusted advisor made a surprising bet on an upcoming July election just a few days prior to Sunak's surprise announcement that UK citizens would in fact be casting their votes next month, The Guardian has uncovered.
Craig Williams, the prime minister's parliamentary private secretary, gambled £100 ($US128) through the Ladbrokes sports betting platform with 5-1 odds. This raised eyebrows due to Williams' status as a "politically exposed person."
Under anti-money laundering regulations, bookmakers must be extra cautious regarding politicians who utilize their services because they possess a higher risk of bribery or corruption, thus making them susceptible to money laundering.
To open an account, Williams would have had to provide personal details, including his date of birth and a copy of a valid form of identification. Ladbrokes would also have been aware of the location of the bet.
UKGC Inquiry
The operator reported the case to the UK Gambling Commission (UKGC), prompting an investigation, as reported by The Guardian. Betting with inside knowledge could amount to a criminal offense.
In response to being approached by The Guardian for a comment, Williams stated: "I've been contacted by a journalist about Gambling Commission inquiries into one of my accounts and thought it best to be totally transparent. I put a wager on the general election some weeks ago. This has resulted in some routine inquiries, and I confirm I will fully cooperate with these. I don't want it to be a distraction from the campaign, I should have thought how it looks."
Though illegal in the US, prop bets on political events are allowed in the UK. In the US, regulators tend to shun bets that can be manipulated by individuals or where a small group possesses information unavailable to the public at large.
For the same reason, UK sportsbooks are exceptionally vigilant with regards to prop markets. Bookmakers will generally limit stakes, and markets are often suspended when questionable bets are flagged.
High Probability of Government Change
On May 22, Wednesday, Sunak caught everyone off guard by calling a "snap" general election. This election call came as a surprise since the Conservative Party had been struggling in the polls since early 2022.
A snap election refers to an election that is held earlier than predicted or when it's not required. This strategy is often used by an incumbent administration to capitalize on vulnerabilities within the opposition. However, the Conservative Party is anticipated to suffer a significant defeat on July 4 according to the odds provided by Paddy Power, with a likelihood of a Labour Party victory at 1/200 (99.5% implied probability).
Labour MP Jonathan Ashworth described the allegations against Williams as "utterly extraordinary."
"Rishi Sunak has sat on this information for more than a week but has lacked any backbone to take action. Once again, Rishi Sunak has been exposed as utterly weak," Ashworth concluded.
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