Business Minister Kevin Hollinrake disclosed to media outlets that he had placed a wager “some months ago” on his party to secure a legislative majority. When asked if he had placed a bet on the Tory win, Hollinrake responded, “Yes, I did. Not my seat, I think that would be wrong,” on Times Radio.

Hollinrake is seeking re-election in Thirsk and Malton. He stated, “We should have a proper debate about and decide whether it’s right or wrong that people have a bet on things they are involved in.”

Hollinrake put his wager believing the odds were 9:1. “You may think that’s foolhardy,” he said on LBC. 

“Victory is always possible if you don’t stop fighting,” he added.

Hollinrake said, “Anybody who has broken the rules will be booted out of the Conservative party … the prime minister believes in process, as I do,” when asked whether there were any other Conservatives who may have broken the rules.

A gambling controversy has cast a cloud over the election campaign after it was discovered that Tory candidate Craig Williams, who was a close parliamentary aide to Rishi Sunak, placed a wager on a July election three days before its announcement.

The Gambling Commission has opened an inquiry into Williams. It is a potential crime to utilise insider knowledge to acquire an unfair advantage while placing a wager.

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Since then, the gambling watchdog has examined another Tory candidate, two senior party officials, six police officers, and a Tory member of the Welsh parliament for betting on the election date. In addition, a Labour candidate is under investigation for betting against himself in his seat.

According to a report published in The Sun on Wednesday, Philip Davies, the Tory candidate, placed an £8,000 wager on losing his marginal seat of Shipley during the election.

The newspaper was informed by Sir Philip, a Tory MP representing Shipley since 2005, that he expected to lose his seat on July 4. He is standing for the West Yorkshire seat, defending a 6,242 majority.

(With inputs from agencies)