Summary
Sri Lanka is making a significant move to revamp its gambling industry by introducing a draft bill for the establishment of an independent Gambling Regulatory Authority. Championing this initiative is President Anura Kumara Dissanayake, with the aim of modernising regulatory frameworks and enhancing governance within the sector. The bill, which has already passed through legal scrutiny and Cabinet approval, will soon be presented to Parliament for further discussion and potential enactment.
The proposed authority aims to discontinue three outdated laws governing gambling while offering a more comprehensive regulatory approach that encompasses all forms of gambling—from land-based casinos to online platforms and even offshore gaming. This initiative is expected to not only strengthen oversight but also promote transparency and fiscal discipline across the industry.
Key Points
- Sri Lanka plans to establish an independent Gambling Regulatory Authority as part of a broader strategy to modernise its gambling sector.
- The draft bill has cleared both legal and Cabinet channels, awaiting debate in Parliament.
- Three outdated laws will be replaced to address modern gambling complexities, including digital platforms.
- The new authority will be responsible for licensing, compliance enforcement, and revenue collection.
- The initiative aims to curb illegal gambling activities and improve public sector accountability and revenue collection.
- Upcoming major investments, such as the City of Dreams Sri Lanka, underscore the importance of a robust regulatory framework.
Why should I read this?
If you’re interested in the future of gambling regulation and investment opportunities, this article is a must-read! Sri Lanka’s move to create a robust regulatory framework could reshape the gambling landscape, making it more secure and transparent. Plus, it’s a great example of how governments can adapt to modern challenges in an evolving market. Don’t miss out on the details that could impact the industry!
Source: Draft Bill gazetted to establish Gambling Regulatory Authority, Lanka Xpress, May 30, 2024