The UK's gambling watchdog has been asked to investigate "suspicious" betting activity surrounding the surprise appointment of John Healey as Chancellor, according to reports.
Healey's selection was a significant surprise in the recent Cabinet reshuffle, with many predictions favoring Home Secretary Shabana Mahmood or then-energy security secretary Ed Miliband for the Treasury post. Mahmood had been the frontrunner, with Smarkets rating her probability at 84 percent just before the announcement.
However, in the hours leading up to Healey's formal announcement at 6 p.m. on Monday, four bets were placed at odds ranging from 80/1 to 140/1. Each of these wagers stood to win at least £600, exceeding the £100 threshold that typically triggers a Gambling Commission inquiry. These bets have now been reported to the watchdog.
According to one source, Healey's appointment was decided by "Team Burnham" well in advance, with the circle of those with knowledge kept "very, very tight" to prevent leaks. It is understood that Healey and Miliband held a private meeting at Miliband's constituency office in Doncaster three weeks before Andy Burnham became Prime Minister, where Healey's path to the Chancellorship was discussed. A person familiar with the meeting stated that even their respective advisors were excluded to avoid information spreading.
The urgency for secrecy reportedly lessened on the day of the appointment, as more individuals, including Labour advisors, MPs, civil servants, and police officers, became aware of the formalities.
Robert Jenrick urged the watchdog to investigate the activity, drawing a parallel to a recent case where a former Conservative MP pleaded guilty to cheating at gambling concerning the timing of the general election. He stated it would be "outrageous" if someone in a senior position within the Labour party had engaged in similar conduct.
The Gambling Commission has not confirmed whether a formal investigation has been launched, citing the need to maintain the integrity of ongoing inquiries. The commission considers insider betting a criminal offense under the Gambling Act 2005.
During a previous gambling scandal involving Conservative politicians betting on the date of the June 2024 general election, Labour politicians, including Pat McFadden, had vocally called for full criminal investigations. McFadden had written to the then-Prime Minister Rishi Sunak about the "gambling scandal engulfing the Tory party" and demanded the suspension of those involved. He also called for a public naming of individuals involved in the bets, some of which were smaller than those now under scrutiny, such as those placed by MP Craig Williams, a close aide to Sunak.
In contrast to their previous stance, Labour politicians have been notably less vocal regarding the current allegations. When asked if the party would support calls for an investigation, a Labour spokesperson declined to comment.