The release of the report comes ahead of the long-anticipated UK Government gambling White Paper – which the BGC hopes will “deliver for business and punters.”
According to Ey, optional affordability checks are hampering operating revenues already under strain from both the energy and cost-of-living crisis.
However, Ey says its research shows that the industry remains “robust” despite these challenges.
This stability may be under threat, though, according to Ey’s data, which claims 70% of current bettors would be unwilling to allow regulated firms to carry out compulsory affordability checks.
Should the Government’s upcoming White Paper make affordability checks mandatory, the BGC fears this may cripple the gambling industry in the UK.
The BGC points to the £7.1bn ($8.72bn) in gross value contributions its members (UK operators) provide to the UK economy, claiming this could be lost if stringent affordability laws are implemented.
It adds that 110,000 high street jobs could be under threat should revenue be hit by an en masse player exodus.
BGC CEO Michael Dugher said: “Our members pump billions into the economy, support the Treasury with more billions and support over one hundred thousand jobs.
“But this contribution is never guaranteed. This industry needs to thrive if it is to maintain its status as a global leader.
“We urge the Government to find an evidence-led, balanced White Paper that protects the vulnerable, allows the vast majority who bet safely to continue to do so, and crucially allows business to thrive.”
