Reforming the gambling industry would lead to an increase in net tax revenue from £68m - 87m , as well as extra money for research education and treatment, according to a new report Peers for Gambling Reform .
A NERA report commissioned by PGR assessed the economic impact of reforms to gambling in the UK proposed by the House of Lords Special Committee on the Social and Economic Impact of the Gambling Industry.
it was also found that the reform could lead to 30,000 new jobs, while workers' earnings could rise by up to £400 million
Lord Foster of Bath , chair , Peers for Gambling Reform , said: "This report clearly sets out the economic benefits of reforming the gambling industry with tax revenues set to increase, jobs that could be created and increased funding for research, education and treatment.
"The evidence base and now the economic case for reform has already been made. This government now needs determination to get on with it ".
The recommendations of the Lords committee included structural restrictions on the size of online stakes and speed of play, affordability checks for online play, the introduction of a mandatory levy on gambling operators, the classification of video game loot boxes as gambling, and a ban on direct sponsorship by gambling operators.
This report comes as the government's review continues to consider fundamental changes to the UK's gambling legislation the Gambling Act 2005.
"In reforming the Gambling Act 2005, the government said it would ensure that reforms were evidence-based" - he commented Lord Smith of Hindhead , Vice President z Peers for Gambling Reform . "This informative report serves to better understand the impact of the reform and I ask the government to carefully consider its important findings."
The report highlights claims that while reduced revenues for gambling operators as a result of "much-needed reforms" such as affordability controls and compulsory levy may reduce employment in the gambling industry, public spending on other sectors that are " more labour intensive " than gambling, could result in up to 30, 000 new jobs and increase workers' earnings by up to £400m.
Baroness Armstrong of Hill Top , Vice President z Peers for Gambling Reform , explained: "Tackling the harms associated with gambling must be a key focus of the Government's review of gambling policy. This report shows that our reforms are likely to reduce harm and, by doing so, help the many thousands of people who suffer from gambling addiction and related harm each year.
In addition to those mentioned earlier, the report estimates that the government spends 270 m - 1. 17 billion in additional costs for individuals who experience gambling-related harm, primarily through health care.
The report concludes that by launching an " effective RET program " it will be possible to reduce these additional and significant costs, leading to fiscal savings in health care, unemployment, homelessness and more.
In the report Bishop of St Albans , Vice-President of Peers for Gambling Reform , stated to "clarify" the fiscally responsible nature of PGR's recommendations, "By implementing reform and expediting legislation, we have a chance to save thousands of lives ruined by gambling-related harm each year."