Concern as gambling black market set for £40m Royal Ascot boost
Illicit Royal Ascot betting could boost the gambling black market industry by £40m as punters get drawn in by unregulated operators.
The horse racing spectacle is underway in Berkshire with 300,000 fans expected across five days of Royal Ascot racing.
But many punters across the racing diaspora are turning to black market betting, with regulations and checks lax seen as an attractive proposition.
Illegal gambling operators often use social media to target punters looking for a good deal, and this week’s five-day festival could lead to a £40m boost for the black market.
Independent insights firm WARC has warned that “unregulated operators now account for almost half of all gambling advertising spend”.
“Unfortunately,” Betting and Gaming Council chief executive Grainne Hurst said, “major events like this also attract the attention of criminal gambling operators, who are eager to exploit that interest for their own gain.
“The illegal black market offers customers none of the protections found in the regulated sector, while making no contribution whatsoever to the sport they seek to profit from.”
Garish gambling
Unlicensed gambling firms often pay no tax to the UK coffers and sign up to fewer of the safeguards otherwise in place for British punters.
H2 Gambling Capital suggests that “the amount staked with illegal operators could grow from £17bn this year to more than £33bn by 2028”.
Royal Ascot is one of the jewels of the British racing crown, alongside the Grand National and Cheltenham Festival.
Nearly 40,000 hospitality covers are expected to be served across the five days of racing in Berkshire, with the Royals in attendance throughout.
Ascot Racecourse chief executive Felicity Barnard last week told CityAM that the royal meet accounts for around 70 per cent of the venue’s annual revenues, while it is growing as an export brand beyond these shores.