Many more people than the leading Tories already identified are being investigated by the gambling regulator in relation to bets on the date of the general election, Sky News understands.
And in a major new development, the watchdog has widened its inquiries to investigate whether people with inside knowledge may have asked a third party to place a bet for them.
Sky News also understands that investigators have written to leading bookmakers asking for details of bets of £20 or more on the election date within days of Rishi Sunak announcing it on May 22.
The body carrying out the investigation, the Gambling Commission, already takes a close interest in political betting and carries out extra checks on bets by people connected with politics, Sky News has been told.
The gambling industry also regards politicians and those who work closely with them as PEPs, politically exposed persons who are people “entrusted with a prominent public function”.
That’s because these people generally “present a higher risk for potential involvement in bribery and corruption by virtue of their position and influence”, according to the Law Society.
Image: Nick Mason, the Conservative’s chief data officer, is being investigated by the Electoral Commission
Image: Laura Saunders is the party’s candidate in Bristol North West.
Pic: Laura Saunders for Bristol North West
It emerged on Saturday evening Nick Mason, the Tory party’s chief data officer, was the fourth Conservative candidate or official being investigated. He has taken a leave of absence and denies any wrongdoing.
Mr Sunak’s parliamentary private secretary Craig Williams, the Tory candidate for Montgomeryshire and Glyndwr, admitted last week to placing a “flutter” on the date of the election.
Image: Craig Williams admitted to betting on the election date. Pic: PA
Home Secretary James Cleverly told Sky News’ Sunday Morning with Trevor Phillips he had been told “very, very clearly” to not discuss the investigation.
He added: “I’m not in any way going to defend people who placed bets on that.”
Asked whether there was a wider betting circle, Mr Cleverly said: “That’s not my understanding. My understanding is it’s a small number of individuals.”
He also said he has “no reason to believe” any ministers are involved in betting on the timing of the election.
What is the law around gambling?
There are strict rules around gambling, with the latest laws updated in 2005.
Section 42 of the Gambling Act 2005 deals with cheating and says a person commits an offence if they cheat at gambling or do “anything for the purpose of enabling or assisting another person to cheat at gambling”.
It adds: “It is immaterial whether a person who cheats improves his changes of winning anything, or wins anything.”
Cheating is defined as an “actual or attempted deception or interference in connection with the process by which gambling is conducted, or a real or virtual game, race or other event or process to which gambling relates”.
Someone found guilty of cheating at gambling can be imprisoned for a maximum of two years and/or fined, or six months in prison for a lesser offence.
Betting with insider knowledge is also not allowed as an MP, with the MPs’ code of conduct prohibiting members from “causing significant damage to the reputation and integrity of the house”.
A Gambling Commission spokesman said: “The Gambling Commission regulates gambling in the interests of consumers and the wider public.
“Currently, the Commission is investigating the possibility of offences concerning the date of the election.
“This is an ongoing investigation, and the Commission cannot provide any further details at this time. We are not confirming or denying the identity of any individuals involved in this investigation.”
A Conservative spokesman told Sky News: “As instructed by the Gambling Commission, we are not permitted to discuss any matters related to any investigation with the subject or any other persons.”
The other candidates for Bristol North West are:
Caroline Gooch, Lib Dems
Darren Jones, Labour
Scarlett O’Connor, Reform UK
Mary Page, Green Party
Ben Smith, SDP
The other candidates for Montgomeryshire and Glyndwr are:
South Korean authorities have arrested one of three Russian nationals accused of an attempted robbery during a fake crypto deal in Seoul. The suspects allegedly lured Korean investors to a hotel, where they tried to steal 1 billion won (approximately $730,000) in cash.
The Gangseo Police Precinct in Seoul detained a man in his 20s in Busan on May 27, according to a report by local news outlet JoongAng Daily. The suspect faces charges of assault and attempted robbery. The other two suspects reportedly fled South Korea shortly after the incident.
According to investigators, the robbery attempt occurred on May 21 at a hotel in Seoul’s Gangseo District. The suspects posed as participants in a peer-to-peer crypto transaction and invited 10 Korean men to the hotel.
Two were called to the room while the others waited in the lobby. Inside the room, the suspects — wearing protective vests — ambushed the victims with a replica handgun and a telescopic baton, tying their hands with cable ties.
Per the report, one of the victims managed to escape and raise the alarm, prompting the suspects to flee without the cash. Police responded to an emergency call and found one man bleeding in the lobby.
Officers discovered a cache of equipment in the suspects’ hotel room, including a replica firearm, batons, vests and a money counter. Police suspect the robbery had been carefully planned.
A request to prevent the suspects from leaving the country was filed the next morning, but two had already departed. “We have requested assistance from Interpol to track down the suspects who fled overseas,” a police official reportedly said.
Authorities are now questioning the detained suspect and preparing to seek a pretrial detention warrant.
In response, executives and investors in the crypto industry are increasingly seeking personal security services. On May 18, private firm Infinite Risks International reported a rise in requests for bodyguards and protection contracts from high-profile figures in the crypto space.
The UK economy will grow more than previously thought, according to the International Monetary Fund (IMF), which has upgraded its latest forecast.
But it warned trade tensions linked to US tariff plans will reduce UK economic growth next year.
The Washington-based UN financial agency said the UK economy will expand 1.2% this year and “gain momentum next year”.
The upgrade in forecasts, however, is slight, up from an expected 1.1% announced in April as the world reeled from the global trade war sparked by US President Donald Trump’s tariffs.
That April figure was a 0.5% downgrade from the projected 1.6% growth for 2025 the IMF foresaw in January and the 1.5% forecast issued in October.
It means the IMF expects the UK economy to grow less this year than it forecast in October and January.
This anticipated lower growth is largely due to tariffs – taxes on goods imported to the United States – and the uncertainty caused by shifting trade policy in the US, the world’s largest economy.
While many tariffs have been paused until 8 July, it’s unclear if deals will be in place by then and if pauses may be extended.
The effect of this has been quantified as a 0.3 percentage points lower growth by 2026 in the UK, the IMF said.
The organisation held its prediction that the UK economy will grow by 1.4% in 2026.
“The forecast assumes that global trade tensions lower the level of UK GDP by 0.3% by 2026, due to persistent uncertainty, slower activity in UK trading partners, and the direct impact of remaining US tariffs on the UK,” it said.
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1:42
Trump’s tariffs: What you need to know
It comes despite the UK having agreed a deal with the Trump administration to circumvent the 25% tariffs on cars and metals.
The IMF also cautioned that “weak productivity continues to weigh on medium-term growth prospects”.
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Interest rates “should” continue to come down, making borrowing cheaper, though the IMF acknowledged the rate-setters at the Bank of England now have a “more complex” job due to the recent rise in inflation and “fragile” growth.
The author of the report on the UK Luc Eyraud said the IMF expected the Bank to cut interest rates by 0.25 percentage points every three months until they reach a level of around 3%, down from the current 4.25%.
Praise was given to the UK government as the IMF said “fiscal plans strike a good balance between supporting growth and safeguarding fiscal sustainability”.
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“The UK was the fastest growing economy in the G7 for the first three months of this year and today the IMF has upgraded our growth forecast,” she said.
“We’re getting results for working people through our plan for change – with three new trade deals protecting jobs, boosting investment and cutting prices, a pay rise for three million workers through the national living wage, and wages beating inflation by £1,000 over the past year.”
Luxembourg classified virtual asset service providers (VASPs) as high-risk entities for money laundering in its 2025 National Risk Assessment (NRA), highlighting concerns over the crypto industry’s exposure to financial crime.
According to the report, the inherent risk level of VASPs is deemed “High,” driven by factors including transaction volume, client reach, distribution channels, legal structures and the international scope of operations.
The NRA identified VASPs as an emerging risk in its 2020 report after “a detailed assessment of ML inherent risks emerging from virtual assets.” This was followed by a 2022 NRA report deeming “the risks associated with crypto assets and virtual currencies as very high,” because, among other things, they are internet-based and cross-border.
The European Union, of which Luxembourg is a founding member, has been working to regulate the cryptocurrency industry. A key part of this effort is the Markets in Crypto-Assets (MiCA) framework, which is designed to unify crypto regulation across all 27 EU member states.
Crypto value received by illicit addresses per year. Source: Chainalysis
According to reports this month, European law enforcement arrested 17 suspects of a “mafia crypto bank” for allegedly laundering over 21 million euros ($23.5 million) in crypto for Middle East and China-based criminal entities. As a result of the proceedings, 4.5 million euros ($5 million) worth of items were seized, including cash, crypto, 18 vehicles, four shotguns and several electronic devices.