The revelation from the Guardian means that Williams, the former Conservative MP for Montgomeryshire who is standing in the new seat of Montgomeryshire and Glyndŵr, will now face questions about what he knew and when.
What is inside information?
In finance, insider information refers to any fact that the wider world doesn't know about and that could be used improperly for financial gain. For instance, if a senior employee at a company knows their business is about to be taken over, they could buy shares, or encourage a family member to do so, in anticipation of making a profit. Insider trading is a criminal offence in every major economy.
The betting world takes a similar approach. Regulations set down by the Gambling Commission state that inside information is anything "known by an individual ... as a result of their role in connection with an event and which is not in the public domain".
This applies to sports betting and also "activity related to a nonsporting event on which bets can be placed".
Is using inside information illegal?
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