A former Labour candidate has been cleared by the gambling watchdog, after he placed a bet that he would lose his bid to become an MP in this year’s general election.
Kevin Craig was suspended as Labour’s candidate for Central Suffolk and North Ipswich after it emerged the Gambling Commission had launched an investigation over the bet.
Mr Craig’s lawyer said he had “acted lawfully” and the commission were taking no further action.
He is now calling for politicians to be banned from betting on elections “in order that there is clarity and others do not have to endure the same fate”.
There is no law preventing politicians betting on elections.
But using confidential information to gain an advantage could amount to cheating under the Gambling Act, which is a criminal offence.
In a statement, Mr Craig’s lawyer said the commission’s decision was a “complete and total exoneration”.
“Mr Craig had no inside information and had no way of knowing who would win the election,” he said.
“It is widely recognised that some people place bets against the result they wish to happen, for example, betting against their football team. Such behaviour helps cushion the disappointment of a loss.”
The statement also criticised the Labour Party, saying Mr Craig had been “badly treated”.
“It is important to state that no investigation was undertaken before Kevin Craig’s name was released and he was then publicly suspended from the Labour Party,” his lawyer said.
“The first Kevin Craig knew of this matter was when he was publicly suspended and that should not have happened. There is no precedent for such actions.”
As well as suspending him, Labour also returned a £100,000 donation made by Mr Craig in 2023.
Mr Craig – a longstanding Labour donor – says he has now been readmitted to the party.
The Labour Party has been approached for comment.
Mr Craig has previously described the bet as a “stupid error” and said he planned to give any winnings to local charities.
He told GB News he had gambled £800 that he would lose Central Suffolk and North Ipswich to the Conservatives.
Tory candidate Patrick Spencer ultimately won the seat in July’s election, with a majority of 4,290.
The Gambling Commission confirmed it had closed its investigation into Mr Craig.
However, the regulator said a separate investigation into confidential information being used to gain an unfair advantage when betting on the date of the general election was ongoing.
Revelations about alleged bets on the date of the election rocked the Conservative election campaign, with a number of Tories also looked into by the commission.
