Sri Lanka Proposes Gambling Regulatory Authority to Overhaul Sector

Sri Lanka has taken its first legislative steps towards reworking its playing panorama with the gazetting of a draft invoice to ascertain an impartial Playing Regulatory Authority. Spearheaded by President Anura Kumara Dissanayake, who additionally holds the place of Minister of Finance, Planning and Financial Improvement, the initiative displays a broader authorities technique to modernize regulatory oversight and enhance governance inside the playing trade.

In keeping with a number of official statements, the draft invoice has been cleared by the legal professional normal and authorised by the Cupboard throughout its session on April 21. The proposed laws is now set to be introduced earlier than Parliament, the place will probably be open to debate and potential revision earlier than being handed into legislation. If enacted, the laws can be often known as the Playing Regulatory Authority Act.

New Physique to Change Outdated Playing Legal guidelines and Strengthen Oversight

On the coronary heart of the proposal is the dissolution of three longstanding legal guidelines: the Horse Racing Betting Ordinance, the Playing Ordinance, and the On line casino Ordinance. These legal guidelines, some courting again to the colonial period, are extensively thought to be outdated and inadequate to deal with the complexity of contemporary playing, particularly with the rise of digital platforms and unlawful operations.

The brand new Authority is meant to operate independently, free from direct political interference, and can carry a wide-ranging mandate. Amongst its obligations can be licensing operators, imposing compliance, gathering tax revenues from playing companies, and cracking down on illegal actions. The Authority can even be empowered to introduce up to date frameworks for auditing, licensing, and revoking permissions the place vital.

As said within the gazetted draft and authorities releases, the Authority’s remit will span all forms of playing, together with land-based casinos, on-line betting platforms, and even offshore playing actions similar to these in Colombo Port Metropolis or on cruise ships. It should function the only real regulator, consolidating the fragmented system right into a centralized construction targeted on transparency, integrity, and financial self-discipline.

Reform Aligned with Broader Financial and Governance Targets

The introduction of this laws is a part of Sri Lanka’s wider effort to reinforce public sector accountability and enhance income assortment. Officers have underscored that the reform will not be merely regulatory however strategic, aiming to shut loopholes exploited by unregulated operators and to discourage monetary misconduct similar to cash laundering.

“The Playing Regulatory Authority is to operate as the only real impartial regulator with a broad and overarching scope on operations within the playing trade in Sri Lanka, together with on-line and off‑shore playing actions on ships and within the Colombo Port Metropolis,” in response to a authorities assertion.

A key focus of the brand new Authority can be curbing unlawful playing by strengthening enforcement capabilities and guaranteeing that operators fulfill their tax and authorized obligations. These efforts are anticipated to enhance investor confidence and contribute to financial stability, particularly as Sri Lanka prepares for main investments within the on line casino sector.

One such funding is the upcoming launch of the Metropolis of Desires Sri Lanka, backed by world gaming firm Melco Resorts & Leisure Ltd. The US$1 billion resort, developed by John Keells Holdings, is anticipated to open within the third quarter of 2025. Melco has acquired a 20-year on line casino license for its Bluehaven Companies subsidiary, efficient from April 1, 2024, and has dedicated US$125 million to the on line casino portion of the undertaking.

If handed, the Playing Regulatory Authority Act will present the authorized construction vital to make sure these large-scale initiatives—and all playing exercise throughout the nation—are performed underneath constant guidelines and thorough oversight.

Supply:

Draft Invoice gazetted to ascertain Playing Regulatory Authority, Lanka Xpress, Might 30, 2024