A gambling company linked to George Cottrell, a close ally and donor to Reform UK leader Nigel Farage, reportedly secured an international licence using a document that appears to have been falsified. The Montenegro-based firm, Tether.Bet, has faced scrutiny after investigations revealed it accepted bets through UK companies despite lacking a UK gambling licence, raising questions about potential legal breaches.
Records obtained from the Curaçao gambling register and an investigative organisation reveal details of how Tether.Bet obtained its licence from Curaçao, a Caribbean jurisdiction known for licensing online gambling operators. Although a Curaçao licence does not permit gambling within the UK, it allows companies to operate in a legal gray area by serving customers who access the site via virtual private networks (VPNs) that mask their location.
The licensing application identified Hon Kong Yong, a Malaysian accountant and friend of Cottrell, as the owner of Tether.Bet. Yong provided a 2020 property sale document for a £3.75 million Kensington home as proof of financial backing. However, land registry searches indicated that Yong was not the buyer listed on the sale, and the named sellers—a retired French couple—said they had never met or heard of him. A Swiss banker named in both the Curaçao document and land registry also denied any connection to Yong.
Yong stated the business would be funded by shareholder or third-party loans, with a personal contribution of $350,000. Despite failing to provide evidence of these loan agreements during the licensing process, Curaçao regulators approved the licence, noting that the ultimate beneficial owner appeared to have the financial capacity to support the application. In an April 2024 submission, Yong declared a net worth of £8 million, sourced from savings, cryptocurrency investments, his accountancy business, salary, pensions, and property sales. Records indicate that Yong was declared bankrupt in 2016.
Cottrell and Yong have a close association; Yong owns Salon Privé, a private members club in Montenegro frequented by Cottrell. To substantiate his financial position to regulators, Yong submitted an uncertified Revolut bank statement showing approximately €50,000, including a €500 transfer to Oneify, an Australian money transfer service. Oneify accounts have been reported to channel significant donations to Reform UK during 2024. Yong did not respond to requests for comment.
The closure of Tether.Bet to new business this year has raised further regulatory concerns. Bridget Phillipson, chair of the Labour Party, wrote to the UK Gambling Commission in August calling for an investigation into whether the company operated in the UK without the necessary licence.
Cottrell’s legal representatives denied any executive involvement in Tether.Bet, stating he has never been a shareholder, director, employee, consultant, or held any management or financial control in the company. They said his relationship with Tether.Bet was limited to being a customer and acknowledged his personal friendship with the owner.
No evidence suggests Cottrell participated in the licensing process. Regulators and political parties continue to review the circumstances surrounding Tether.Bet’s operations.