The findings indicate that a third of high-stakes gamblers who participated in the survey itted to placing bets with black market bookmakers.
The data also showed that nearly 30% of respondents had reduced their betting on horse racing over the past six months, raising concerns about the potential long-term effects of so-called affordability checks on the industry.
Since the initial Big Punting Survey in 2023, the proportion of respondents subjected to checks has climbed from 16.6% to 23.7%, demonstrating an increasing emphasis on financial risk assessments within the betting sector.
One of the most notable shifts over the past two years has been the growing number of lower-stakes bettors being affected by these checks. In 2023, only 15% of those wagering an average of £10 had encountered at least one affordability review.
In the most recent survey, that figure had risen to over 20%.
The Gambling Commission (UKGC) is currently piloting financial risk checks that are activated when a bettor deposits a net amount of £1,000 within 24 hours or £2,000 over a rolling 90-day period.
An interim agreement between the UKGC and the Betting and Gaming Council (BGC) has set a monthly threshold of £5,000.
However, despite these thresholds, many bettors with significantly lower deposit levels have still been required to prove their financial capacity, leading to concerns about the actual scope of these regulations.
High-stakes bettors under greater scrutiny
Those who wager larger amounts face even stricter verification procedures.
More than half of bettors staking an average of £100 have been asked to submit financial documentation, a requirement that increases to 75% for those placing bets of £1,000 or more.
The survey highlights a general unwillingness to comply with these demands, as 61% of respondents said they refused to provide financial documents when requested.
Furthermore, among those who did comply, fewer than 20% were satisfied with the deposit limits imposed on their s after submission.
The introduction of affordability checks has raised concerns about the broader financial health of the betting industry and horse racing, which relies heavily on betting revenue.
Industry leaders fear that stringent affordability requirements are discouraging bettors, ultimately reducing overall wagering activity.
Nevin Truesdale, former CEO of the Jockey Club and a vocal critic of affordability checks, noted the rising number of bettors affected by these regulations.
Wilf Walsh, chair of the Racecourse Association, also pointed out inconsistencies in regulatory oversight.
He highlighted that consumers can purchase significant amounts of alcohol or high-end goods using a credit card without intervention, whereas gamblers face limitations even when betting with their own disposable income.
Growth of the black market
One of the most concerning findings of the survey is the growing number of bettors turning to black market operators. The percentage of respondents itting to using unlicensed bookmakers has risen from 3.6% in 2023 to 4.9% in 2025.
While the increase may appear small, the trend is particularly pronounced among higher-stakes players.
Another recent review suggested the number of UK customers using black market operators had jumped 522% over the past three years.
In the Racing Post survey, among those who have placed bets with unlicensed operators, 63.6% cited affordability checks as the primary reason, a sharp increase from 51% in 2023.
The survey also found that black market engagement increases in proportion to the size of a bettor’s stakes:– 11.7% of those staking an average of £50 itted to using an unlicensed bookmaker.
– 20% of bettors placing wagers of £100 to £250 turned to black market options.
– Over one-third of those betting £1,000 or more per wager reported using unregulated operators.
This shift is particularly troubling for the British racing sector, whose funding is heavily dependent on the betting industry.
Furthermore, research by professors David Forrest and Ian McHale of Liverpool University found that 34.6% of bookmakers’ gross profit is generated by the top 1% of bettors by turnover, while 79.1% of profit comes from the top 10%.
Losing these high-value customers to unregulated platforms could have serious financial repercussions for both bookmakers and the racing industry.
Resistance to affordability checks
Bettors continue to strongly oppose affordability checks. In 2025, 61% of respondents stated they refused to submit financial documents, aligning closely with the 66% who expressed the same sentiment in 2023.
Even among those who had previously undergone an affordability check, attitudes remained firm, with 62.3% saying they would refuse if asked again.
When questioned about their potential response to betting restrictions due to affordability checks:
– 26.8% said they would lower their betting activity to comply with imposed limits.
– Approximately 25% indicated they would consider using black market bookmakers.
– 11.8% stated they would definitely move to unregulated operators.
– 37% said they would stop betting altogether.
Potential financial consequences
The economic impact of these trends is clear. A significant drop in betting activity, particularly among high-stakes gamblers, threatens to reduce levy contributions that provide financial to British horse racing.
Several industry figures have called for regulatory changes to prevent further damage to the legal betting sector.
Sebastian Butterworth, director of racing strategy at Flutter UKI, emphasised the need for balanced regulations that make financial risk checks “truly frictionless.”
He warned that even lower-stakes bettors are now opting for unlicensed operators, which lack responsible gambling measures.
Political figures have also voiced their concerns.
Louie French MP, Conservative shadow sports minister, warned that excessive restrictions could drive gambling activity underground, harming both British racing and the regulated gambling industry, which employs thousands of people.
He urged the government to find a middle ground that protects consumers while avoiding unintended consequences.
With nearly 24% of bettors now undergoing financial risk assessments and an increasing number of high-stakes players shifting to unlicensed operators, the implications for the betting industry and British racing are significant.
If affordability checks continue deterring bettors from the regulated market, the industry could face a severe revenue decline, with lasting negative effects on both the sector and the wider UK economy.
