How does gambling on something when you have non-public information become cheating?
Using the election date for example:
In late April (I don't know about May), before the Prime Minister's announcement in late May of the election date, one bookmaker offered 13/2 odds that the 2024 election would be announced for some day in July-September (and subsequently the PM announced a July election). I.e for every £2 you would have won £13. The bookmaker offered different odds for different periods.
The bookmaker would not have offered those same odds if the election date was already public knowledge, because to do so would be to give money away, wouldn't it?
If before placing your bet you convice the bookmaker that you know for certain the election will be in July and how you know that to be a fact ("I work in the Prime Minister's office, here are my credentials, here is my webpage on gov.uk, here is my Linkedin..."), the bookmaker is unlikely to accept ypiur
In principle the bookmaker doesn't know for certain an event will occur in a given way
When the information gives you (the bettor) know for certain an event will occur in a given way while the bookmaker does notunfair advantage over others. The bookmaker offers odds on the basis that
On the other hand, a horse might have an undisclosed injury or illness, been deliberately slowed in some way, the jockey is bribed to lose or the horse might not run at all - something material known to very few people. As it's much easier to deliberately lose a race (or withdraw before the race begins) than to win the race, no-one involved with a horse is allowed to place lay bets on it (i.e. bet it will lose / bet any other horse will win). There are other betting restrictions depending on job/relationship to the horse - there has been a lot of betting-related corruption in horse racing, including by owners. Professional jockeys aren't allowed to bet on any horse race.
In late April (I don't know about May), before the Prime Minister's announcement in late May of the election date, one betting operator offered 13/2 odds that the 2024 election would occur July-September (and subsequently the PM announced a July election). I.e if you bet £2 you would have won £13. The operator would not have made the same offer if it were public knowledge the election is in July.