Sri Lanka has taken its first legislative step towards changing its gambling scenario with the gazetting of a draft bill to establish an independent gambling regulatory authority. This initiative reflects a comprehensive government strategy to modernize the regulatory inspection and improve governance within the gambling industry by President Anura Kumara Dysonay, who holds the post of Finance Minister, Planning and Economic Development Minister.
According to several official statements, the draft bill has been approved by the Attorney General and Approved by cabinet during his session on 21 AprilThe proposed law is now to be presented before Parliament, where it will be open for debate and possible amendment before it is passed in the law. If enacted, it will be known as law Gambling Regulatory Authority Act.
New body to change old gambling laws and strengthen oversight
There is disintegration at the center of the proposal Three long laws: Horse racing betting ordinance, gambling ordinance and casino ordinance. This lawSome dating back in the colonial era, widely considered chronic and inadequate to address the complexity of modern gambling, especially with the rise of digital platforms and illegal operations.
New authority The intention is to work independently, Free from direct political interventionAnd a broad mandate will take. Between its responsibilities, licensing to operators, implementing compliance, collecting tax revenue from gambling businesses and breaking on illegal activities. The authority will be empowered to start the updated outline to cancel permissions, and where necessary, where necessary.
As stated in gazetted drafts and government’s release, all types of gambling will be played in the authority’s remit, including land-based casinos, online betting platforms and even offshore gambling activities such as Colombo Port City or Cruise Ships. This will serve as the only regulator, which will consolidate the fragmented system in a centralized structure focused on transparency, integrity and fiscal discipline.
Alignment reforms with comprehensive economic and governance goals
The introduction of this law is part of Sri Lanka’s widespread effort to increase public sector accountability and improve revenue collection. Officials have underlined that reform is not only a regulator, but strategic, which aims Intimacy And to discourage financial misconduct like money laundering.
According to a government statement, “The Gambling Regulatory Authority is the only independent regulator with a comprehensive and overlapping scope on the gambling industry in Sri Lanka, which includes online and closed gambling activities on ships and in the colomagon city,” according to a government statement.
An important focus of the new authority will curb illegal gambling by strengthening enforcement capabilities and will ensure that the operator meets their tax and legal obligations. These efforts expect Improve the trust of investors and contribute to economic stabilityEspecially as Sri Lanka prepares for major investment in the casino region.
One such investment is the upcoming launch Sri Lanka, a city of dreamsSupported by Global Gaming Company Melco Resorts and Entertainment Limited, the US $ 1 billion resort developed by John Kils Holdings is expected to open in the third quarter of 2025. Melco has received a 20 -year casino license for a subsidiary of its Bluehvan services, effective from April 1, 2024, and is committed to US $ 125 million for casinos.
If passed, the Gambling Regulatory Authority Act will provide the necessary legal structure to ensure these large-scale projects-and all gambling activities across the country are conducted under constant rules and complete inspections.
Source:
Draft bill gazetted to set up gambling regulatory authorityLanka XPRESS, 30 May, 2024
