The four-day Cheltenham Festival is estimated to attract as much as £1 billion ($1.34 billion) in total betting stakes, making it a prime opportunity for both regulated operators and unlicensed platforms.
The illegal market now accounts for around 6% of all betting activity in Britain. Applied to Cheltenham alone, that could translate into up to £60 million being wagered outside regulated channels, or roughly £2 million per race.
“Cheltenham is the biggest week of the year for racing fans, and millions placed bets safely with regulated operators,” said Grainne Hurst, chief executive of the BGC.
"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," she added.
Britain’s overall horse racing betting turnover is estimated at £11 billion annually, including about £8 billion staked through legal online platforms.
The industry body warned that rising taxes on licensed operators and the potential introduction of stricter financial risk checks requiring customers to submit personal financial documents, such as bank statements, could push more bettors toward unregulated sites.
“Rising taxes and increasingly intrusive checks will only make it harder for legitimate operators to compete,” Hurst said.
Licensed betting firms in Britain must comply with strict requirements, including age verification, anti-money laundering measures, and safer gambling protections. Illegal operators, by contrast, operate outside these rules and offer no consumer safeguards.
“The priority must be keeping punters in the regulated market where protections are in place, rather than driving them towards harmful unregulated operators,” Hurst said.
The regulated betting and gaming sector supports more than 109,000 jobs, contributes £6.8 billion to the UK economy and generates £4 billion in tax revenue annually, while also funding British horseracing.
The BGC said tackling criminal networks behind illegal gambling sites remains critical to ensuring consumers remain within the regulated market.
Dingnews.com 18/03/2026