PLANS to snoop on gamblers’ financial affairs would push the industry off a cliff, betting bosses have warned.

Horse racing titan Martin Cruddas has written to ministers with “grave concerns” about proposed “affordability checks”.

The Arena Racing Company chief blasted: “The new tests are untested, unprecedented in Britain and suggest very real slippery slope consequences for consumer freedom and the economy.”

Warning of a hammer blow to the sector, he added: “This great British industry is standing on the precipice, and we do not expect our own Government to push us over.”

Punters losing as little as £125 in a month could have their finances swept under the government’s gambling crackdown.

Ministers insist the reforms would stop the spiral of problem gambling with people frittering cash they do not have.

But the affordability checks have sparked a mammoth backlash with almost 80,000 people signing a petition against them in just one week.

And bosses estimate they would wipe off as much as £250million in revenue over the next five years. 

In his letter to Gambling Minister Stuart Andrew, Mr Cruddace demands MPs at least get time in Parliament to debate the controversial subject.

He said: “It would be unacceptable for this unprecedented and hugely damaging policy to be imposed by the Gambling Commission rather than the correct democratic institutions.”

He further accused the Gambling Commission – the government regulator – for putting an “ideological agenda” above reality.

A DCMS spokesperson said: “Horse racing is an integral part of British sporting culture and heritage, and we are committed to a sustainable future for the sport. As a result, we have committed to reviewing the horse race betting levy. 

“As set out in the Government’s gambling white paper, financial risk checks will protect those most vulnerable to gambling harm.

“We are working closely with industry to replace the current system of onerous, industry-run checks with a proportionate, frictionless system based on data-sharing.”