Sri Lanka has taken its first legislative steps towards reworking its playing panorama with the gazetting of a draft invoice to set up an unbiased Gambling Regulatory Authority. Spearheaded by President Anura Kumara Dissanayake, who additionally holds the place of Minister of Finance, Planning and Economic Development, the initiative displays a broader authorities technique to modernize regulatory oversight and enhance governance throughout the playing business.
According to a number of official statements, the draft invoice has been cleared by the lawyer normal and accredited by the Cabinet 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 doable revision earlier than being handed into regulation. If enacted, the laws will probably be generally known as the Gambling Regulatory Authority Act.
New Body to Replace Outdated Gambling Laws and Strengthen Oversight
At the center of the proposal is the dissolution of three longstanding legal guidelines: the Horse Racing Betting Ordinance, the Gambling Ordinance, and the Casino Ordinance. These laws, some courting again to the colonial period, are extensively considered outdated and inadequate to deal with the complexity of recent playing, particularly with the rise of digital platforms and unlawful operations.
The new Authority is meant to perform independently, free from direct political interference, and can carry a wide-ranging mandate. Among its tasks will probably be licensing operators, implementing compliance, amassing tax revenues from playing companies, and cracking down on illegal actions. The Authority will even be empowered to introduce up to date frameworks for auditing, licensing, and revoking permissions the place needed.
As acknowledged 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 City or on cruise ships. It will function the only real regulator, consolidating the fragmented system right into a centralized construction centered on transparency, integrity, and monetary self-discipline.
Reform Aligned with Broader Economic and Governance Goals
The introduction of this laws is a part of Sri Lanka’s wider effort to improve public sector accountability and enhance income assortment. Officials have underscored that the reform just isn’t merely regulatory however strategic, aiming to shut loopholes exploited by unregulated operators and to discourage monetary misconduct similar to cash laundering.
“The Gambling Regulatory Authority is to function as the sole independent regulator with a broad and overarching scope on operations in the gambling industry in Sri Lanka, including online and off‑shore gambling activities on ships and in the Colombo Port City,” in accordance to a authorities assertion.
A key focus of the brand new Authority will probably be curbing unlawful playing by strengthening enforcement capabilities and making certain 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 City of Dreams Sri Lanka, backed by world gaming firm Melco Resorts & Entertainment Ltd. The US$1 billion resort, developed by John Keells Holdings, is predicted to open within the third quarter of 2025. Melco has obtained a 20-year on line casino license for its Bluehaven Services subsidiary, efficient from April 1, 2024, and has dedicated US$125 million to the on line casino portion of the challenge.
If handed, the Gambling Regulatory Authority Act will present the authorized construction needed to guarantee these large-scale initiatives—and all playing exercise throughout the nation—are performed beneath constant guidelines and thorough oversight.
Source:
Draft Bill gazetted to establish Gambling Regulatory Authority, Lanka Xpress, May 30, 2024
