Sri Lanka Moves to Regulate Gambling Industry with New Authority

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Sri Lanka is set to introduce a Gambling Regulatory Authority after the Cabinet of Ministers approved the immediate drafting of legislation to oversee the industry.

According to DailyFT, the decision follows initial approval on 26 June 2023 to create an independent body for regulating gambling establishments. The Legal Draftsman recently sought Cabinet approval to proceed with drafting the necessary Bills, leading to this latest endorsement.

New Regulatory Framework to Ensure Transparency and Responsible Gaming

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa confirmed the development, stating that the framework aims to “bring transparency, ensure responsible gaming practices, and align the gambling industry with international standards.”

The Government intends to regulate the sector more effectively and introduce structured oversight of casino operations. Dr. Jayatissa emphasized that while gambling establishments already pay taxes, a dedicated authority would help in “standardising the industry.”

The proposal for the new regulatory authority was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning, and Economic Development Minister. The move is expected to enhance Sri Lanka’s appeal as a tourism hub while ensuring compliance with responsible gaming measures.

Dr. Jayatissa noted that regulating the gambling industry would not only establish clear operational guidelines but also improve transparency in revenue collection. The regulatory body is expected to set licensing requirements, monitor financial transactions, and implement consumer protection policies.

Furthermore, the introduction of the Gambling Regulatory Authority aligns with international best practices, ensuring that Sri Lanka remains a competitive destination for responsible gaming. With a focus on responsible gambling, the authority will likely implement measures to prevent money laundering, underage gambling, and other illicit activities associated with unregulated gaming establishments.

With the approval secured, the next step involves drafting legislation to formalize the regulatory authority, reinforcing the Government’s commitment to maintaining order in the gaming and betting sector. The proposed regulatory framework is also expected to attract potential investors looking for a structured and transparent gambling environment in Sri Lanka.

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