The Gambling Commission launches an investigation into Kevin Craig, who was seeking to become the party's MP for Central Suffolk and North Ipswich. Meanwhile, Labour is understood to be returning £100,000 that the candidate donated to the party.
It is also understood that the party will return £100,000 in donations to the businessman that he has made since Sir Keir Starmer took charge of Labour.
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Posting on X, Mr Craig said he had “enjoyed the odd bet for fun” throughout his life, adding: "A few weeks ago when I thought I would never win this seat I put a bet on the Tories to win here with the intention of giving any winnings to local charities.
He clearly has more than enough cash, just donate straight to charity.
He clearly has more than enough cash, just donate straight to charity.