Nearly two-thirds of betting customers say they will refuse to hand over financial information under proposed online gambling affordability checks.
A survey by the Betting and Gaming Council of more than 2,000 punters found that 65 per cent would not provide documents such as bank statements to prove their spending limits.
The findings come as the Gambling Commission considers introducing mortgage-style affordability assessments for online bettors.
Industry figures have warned the proposals risk pushing customers away from regulated platforms and towards unregulated black market operators.
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Research conducted by the Gambling Commission involving 12,000 frequent gamblers found that more than three-quarters oppose the proposed checks.
More than 400 figures from the racing industry have written to Lisa Nandy urging Labour to abandon the policy.
Signatories include trainer Lucinda Russell, who trained 2023 Grand National winner Corach Rambler, and Robert Waley-Cohen, whose horse Noble Yeats won the race the previous year.
The letter has been backed by trainers, owners, jockeys and parliamentarians from both Labour and Conservative benches.
Gambling checks backlash as two-thirds of punters refuse to share financial data
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It warns ministers the policy risks causing long-term harm to British horse racing.
The letter states: "Little wonder that growing numbers are now betting illegally rather than be subjected to intrusive checks more appropriate for securing a mortgage than engaging in a legal pastime enjoyed by millions of Britons."
It adds that while the previous Conservative Government’s intentions were considered sensible, implementation has failed.
Grainne Hurst, chief executive of the Betting and Gaming Council, criticised the plans.
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Industry leaders wrote to Ms Nandy urging a Labour re-think on the consequences of the checks
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She said: "Ministers promised punters frictionless checks, but the Gambling Commission risks pushing ahead with the exact opposite."
She added: "Forcing punters to hand over bank statements isn't frictionless, it's intrusive and will drive many straight to the illegal market, where there are no safeguards at all. This poll sends a clear message from punters."
Ms Hurst said pilot schemes using credit reference agencies had raised further concerns.
"Trials using Credit Reference Agencies have already shown these checks don't work, with inconsistent and contradictory results that will force more customers to hand over sensitive financial documents.
"This will hit punters, fuel the growing harmful black market, and undermine the safeguards that exist in the regulated system to keep customers safe."
The racing industry has warned the checks could cost the sport £250million over the next five years.
The HM Treasury could also face losses of up to £200million in tax revenue if customers move to illegal operators, with British horse racing supporting more than 85,000 jobs and contributes over £4billion annually to the economy.
The letter notes that the Chancellor recently allocated £26million to the Gambling Commission to tackle the black market in betting as critics argue introducing additional regulatory measures could strengthen illegal gambling networks.
A Government spokesman said: "Any final decision on wider rollout will be made in due course."