Craig Williams has pleaded guilty to using confidential government knowledge to place wagers on the 2024 vote

A former Conservative lawmaker who served as the closest parliamentary aide to then-Prime Minister Rishi Sunak has pleaded guilty to using insider information to place bets on the date of the 2024 UK general election.

Craig Williams admitted the offense at Southwark Crown Court in London on Monday, media reported, citing court proceedings. Prosecutors said he used confidential knowledge obtained through his role in the government to place the wagers before Sunak publicly announced the election date.

Election gambling is legal in the UK, and betting on the date the prime minister will set is a popular wager. Lawmakers are permitted to place bets, but not if they rely on inside knowledge.

Prosecutor Zoe Johnson KC told the court that Williams had been "given a privileged position" and "was party to a number of meetings" at Downing Street and Conservative Party headquarters where the timing of the election was discussed.

Williams later acknowledged making what he described as a "huge error of judgment" after it emerged that he had used confidential information to place bets on an election just days before Sunak unexpectedly called the vote for July 4. He admitted in court that he had placed three bets ranging from Pound 22.50 ($29.80) to Pound 250 ($331), prosecutors said.

The July 2024 election ended 14 years of Conservative rule, with Sunak leading the party to its worst defeat in modern history as Labour won a landslide victory.

The case is part of the Gambling Commission's wider Operation Scott investigation into allegations that politicians and Conservative Party officials used advance knowledge of the election timetable to gain an unfair advantage in betting markets.

Fifteen people were charged last year. Amy Hind, the wife of former Conservative Party digital director Anthony Lee, also pleaded guilty, while prosecutors dropped the charge against Lee. Twelve other defendants pleaded not guilty and are due to stand trial in 2027 and 2028.

Williams lost his parliamentary seat in the July 2024 election and will be sentenced after the remaining trials conclude. Cheating at gambling carries a maximum sentence of two years in prison under UK law.

The development comes as scrutiny of insider betting and trading has intensified following the US-Israeli war against Iran. Prediction and traditional financial markets were flooded with suspiciously well-timed bets linked to airstrikes, ceasefire announcements and diplomatic developments.

According to media reports, traders placed more than $1 billion in seemingly well-timed wagers ahead of airstrikes and a ceasefire announcement, while the April ceasefire alone generated more than 413 million predictions and over $100 million in bets across prediction markets.

These cases include the arrest of a US special forces soldier accused of using classified information to profit from bets on the kidnap operation against Venezuelan President Nicolas Maduro, as well as a crude oil trade that reportedly generated $125 million in just over an hour ahead of news about a possible US-Iran peace deal.