Up to five people – possibly including a politician – could face prosecution in the betting scandal over the date of the general election, Sky News can reveal.

A source has told Sky News: “The Gambling Commission is looking to prosecute at least three suspects, but possibly up to five. This includes a politician and a close protection guard.”

It is understood that the commission is not yet at the point of making an announcement and a spokesperson said the commission would not comment on an ongoing investigation.

“We clearly appreciate the level of public interest there is in this ongoing investigation,” a commission spokesperson told Sky News.

“But to protect the integrity of the investigation and to ensure a fair and just outcome, we are unable to comment further at this time, including the name of any person who may be under suspicion, or the total number of suspects.

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The investigation is into whether people placed bets on a 4 July election as a result of inside knowledge in the days leading up to the then prime minister Rishi Sunak’s shock announcement of an early poll on 22 May.

The election date betting scandal began in June when Craig Williams, formerly MP for Montgomeryshire and Mr Sunak’s parliamentary private secretary, admitted he was being investigated by the Gambling Commission.

Mr Williams had placed a £100 bet on a July election at Ladbrokes in his constituency just days before Mr Sunak’s announcement. Based on odds at the time, he would have won £500.

“I put a flutter on the general election some weeks ago,” he said in a post on X on 13 June. “This has resulted in some routine inquiries and I confirm I will fully co-operate with these.”

Next, just a week before polling day, Sky News revealed that Mr Sunak’s Downing Street chief of staff Liam Booth-Smith was being questioned by the commission, the statutory body that regulates betting in the UK, as a witness, not a suspect.

And during the Conservative Party Conference eight weeks ago, Sky News revealed that former deputy prime minister Sir Oliver Dowden had become the most senior ally of Mr Sunak to be interviewed in the official investigation.

Both Mr Booth-Smith and Sir Oliver were questioned as witnesses.

In late August, the Metropolitan Police announced that their detectives had concluded their role in the ongoing criminal investigation, though the Gambling Commission’s investigation continued.

The commission’s investigation is into whether bets placed were in breach of Section 42 of the Gambling Act 2005 (Cheating). The Met had been looking into whether other offences, most likely Misconduct in Public Office, could apply.

The Met said that based on the assessment of the evidence and the advice from the Crown Prosecution Service, it was determined that the high bar for Misconduct in Public Office to be proven was not met.

Making the announcement, Detective Superintendent Katherine Goodwin said: “These allegations caused a significant dent in public confidence during the election campaign and it was right that they were investigated to explore all possible offences.

“While our involvement in the criminal investigation now ceases, it’s important that is not misinterpreted as an all clear for those whose cases were looked at.

“There are still Gambling Act offences to consider and it is appropriate that they are taken forward by investigators from the Gambling Commission who have particular expertise in this field.

“Seven police officers who are alleged to have placed bets are still among those being investigated by the Gambling Commission. They also remain under investigation by the Met’s Directorate of Professional Standards.”

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On the day of the Met’s announcement, 23 August, Andrew Rhodes, chief executive of the Gambling Commission, said: “We have remained focused on our criminal investigation into confidential information being used to gain an unfair advantage when betting on the date of the general election.

“Our investigation continues to progress and we have interviewed several suspects under caution. We are continuing to interview a number of witnesses, who are co-operating with this criminal investigation, as well as gathering further documentary and electronic evidence.”

On Monday, 17 June an officer attached to the Royalty and Specialist Protection Command, was arrested on suspicion of Misconduct in Public Office and later bailed.

No further action is being taken against him in relation to that specific offence.