Labour Chair Bridget Phillipson is pushing for the UK’s Gambling Commission to investigate the now-defunct betting firm Tether.bet.
SBC News reported earlier this week that the high-stakes gambling site, which is not licensed in the UK, had shut down its domain. It is now redirecting users to another platform, NNVIP88.
The closure comes amid media coverage of Tether.bet’s links to George Cottrell, a prominent financial supporter of Reform UK Leader and re-elected MP for Clacton-on-Sea, Nigel Farage, were widely discussed in the British media.
However, there is no evidence to suggest the closure and probes into Cottrell’s support for Farage and his political movement are connected.
Chasing the Whale
George Cottrell, his betting activity, and his logistical support to Nigel Farage and Reform UK have been thrust into the UK media spotlight after a 2025 High Court claim.
The claim alleged that Cottrell acted as an intermediary, or “whale”, to connect high-roller VIP UK punters in the UK with offshore bookmakers.
These offshore operators have generally been known to offer more favourable odds as they face less financial scrutiny than licensed UK bookmakers.
Cottrell responded to the Tether.bet allegations by telling The Sunday Times he has “never solicited clients for any betting company”.
His lawyers added that his relationship with the firm “has been limited to that of a customer, in addition to which, he knows and is friends with the owner”.
Fispay, a UK-registered financial intermediary, is also the subject of Labour’s complaints.
The firm, owned by Mowbray Jackson, allegedly provided UK bank account details to some Tether.bet customers so they could deposit money for bets and receive winnings.
Some customers were supposedly instructed to transfer tens of thousands of pounds to Fispay.
Fispay allegedly did not operate in isolation, using IFX, a cross-border payments company owned by crypto billionaire Christopher Harborne, to move funds.
Harborne, whose £5m gift to Farage is subject to a parliamentary investigation, also owns a significant portion of the Tether stablecoin.
It is worth noting that the Tether stablecoin and Tether.bet gambling platform are not linked.
Jackson, Reform UK’s data protection officer, has also come out to defend his Fispay business against the allegations.
He told The Sunday Times that the firm “exclusively” brokered private jet travel and that it had never provided facilities for gambling.
Betting industry dragged further into politics
However, Labour’s Phillipson is adamant that further investigation is needed.
“I am writing to request the Commission investigate reports by The Sunday Times concerning alleged unlicensed UK gambling activity of Tether.bet, an offshore cryptocurrency betting site, and Fispay Ltd, a financial intermediary company registered in the UK,” the Labour MP’s letter to the Commission reads.
“The reports link these activities to the personal donors of Nigel Farage MP – Christopher Harborne and George Cottrell – and Reform UK’s data protection officer – Mowbray Jackson.
“Last week, Tether.bet, announced that it had “permanently closed”, however while it was in operation, The Sunday Times has reported that despite not holding a Gambling Commission licence to operate in the UK, Tether.bet was made available to, and was promoted among, UK customers.”
The Commission, which currently has no permanent Executive Director, Chief Executive Officer or Chair, is under all kinds of public pressure.
Recent regulatory revamps and proposed implementations of measures such as Financial Risk Assessments have made the regulator the subject of much criticism from parts of the public.
Labour’s push for an investigation over claims of further unregulated activity with links to one of the biggest political parties in the UK is one of the last things it would have wished for currently.
Labour Chair asks for clarity on two points
But Phillipson has urged the Commission to investigate two points.
The Labour MP for Houghton and Sunderland South’s letter continued: “In light of these allegations, I would urge the Commission to investigate:
“Whether Tether.bet, and its operators, provided or advertised remote gambling facilities to consumers in [the] UK without the required licence.
“Whether Fispay Ltd, or any other UK company, provided or supported gambling facilities or services to consumers in the UK without the required licence.
“In view of the public interest in these matters, I am releasing this letter to the media.”
