Kevin Craig was pulled into the UK gambling regulator’s probe into wagers on the election that caused controversy throughout the campaign this summer.
Craig told GB News that he bet £800 that he would lose the Central Suffolk and North Ipswich seat to the Conservatives.
However, he has now been cleared and reinstated by the Labour Party after being suspended for his actions.
The Times claims that Craig has written to Prime Minister Sir Keir Starmer asking for clearer rules to ban betting by politicians on election outcomes.
Craig’s lawyer said, via BBC News, that he acted lawfully.
His representative said: “Mr Craig had no inside information and had no way of knowing who would win the election.
"It is widely recognised that some people place bets against the result they wish to happen, for example, betting against their football team. Such behaviour helps cushion the disappointment of a loss."
It was a number of Conservatives whose alleged bets on the timing of the election caused more of a stir, given the party was in power at the time, with the investigation still ongoing.
Indeed, there were claims that inside information was used to gain an advantage in betting on when the election would be called. This could amount to cheating under the Gambling Act, which is a criminal offence.
