In the UK, there are estimated to be around 1.4 million "problem gamblers" and a total of 2.5 million gamblers who are "at-risk" of developing a gambling addiction. Across the UK, the number of betting shops has declined but there has been a large rise in the availability of online gambling platforms. Between 2011 and 2018, the UK gambling industry has grown to be worth 14.4 billion from 8.4 billion 7 years earlier. It is estimated that the gambling industry employs over 46,000 people in the UK.

GambleAware, a pressure group set up to highlight and address the problems created by gambling addiction, identifies that some of the costs of gambling include financial instability, physical ill health, and the erosion of friendships and relationships. There are also several 3rd party consequences too and it is estimated that 3.6 million people have been negatively impacted by someone else's gambling problem.

Recently, a group of politicians in the UK have been trying to start a review of how gambling is regulated in the UK, and have asked the government to consider a total ban on gambling adverts, a maximum betting limit on some gambling machines, and a new independent regulator to monitor the behavior of gambling companies. At the current time, most gambling firms are taxed around 15% of their gross profit, and some campaigners have said the government should consider increasing this. Meanwhile, the largest 5 gambling firms in the UK have agreed to increase their voluntary levy on gambling profits from 0.1% to 1%.

Evaluate the extent to which an increase in tax on gambling is the most effective method of reducing the market failure associated with excessive gambling in the UK.

Could you please outline the key points for me? Thanks.