I have been approached several times. It can be arranged easily enough, I even checked it out for a short period (no bets placed). I don't trust it. I wouldn't recommend it and I would steer clear of it.

Its already ethically wrong (not paying fees/taxes) and its likely owned or operated by people you don't want to meet in a dark alley. There are enough legitimate operators to choose from (betfair being the easiest for winning punters).