Gambling Regulation in Sri Lanka: A Game Changer on the Horizon
Government takes steps to control gambling sector in Sri Lanka
The Sri Lankan government is stepping up its game with the onset of a fresh regulatory body to govern the nation's burgeoning gambling sector. Here's the lowdown on what's about to go down.
The cabinet green-lit the formation of this authority in April, snagging the approval process's next stop - the parliament. Just early this year, the cabinet secured endorsement for a proposal dubbed the Gambling Regularisation Authority (GRA) back in February.
The GRA, once fully operational, will be the sole and independent regulator of all gambling-related activities within the country. Scope includes web-based gambling platforms, offshore betting, shipboard casinos, and traditional brick-and-mortar gambling establishments. According to the Daily Financial Times, this regulatory push has long been advocated for by the Sri Lanka Committee on Public Finance, seeking to clear up gaming laws and ensure compliance [1][3].
The GRA will play a pivotal role in policy-making, overseeing licensing, taxation, anti-money laundering measures, and preventive strategies to combat gambling addiction. Concerns about online gambling operators shirking their regulatory obligations have also surfaced [2].
Aside from the land-based gambling currently confined to one integrated resort in Colombo Port City, Melco Resorts & Entertainment recently launched the first phase of its $1.2 billion City of Dreams Sri Lanka resort last October. A second phase with the country's first casino is slated to open in Q3 2025, following a 20-year gaming license recently awarded to Melco by the government [2].
So buckle up, Sri Lanka, as the GRA moves forward through parliamentary debate! With the establishment of this watchdog, the future of gaming in the country will be more regulated and lucid.
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Fun Fact:
Did you know that gambling was illegal in Sri Lanka until 2010? That's right, until a decade ago, placing a bet inside the country's borders was frowned upon. However, times have changed, and progress marches on - just like that $1.2 billion resort![1][2][3][4][5]
The Gambling Regularisation Authority (GRA), once established, will be responsible for regulating all forms of gambling within Sri Lanka, including online platforms, offshore betting, shipboard casinos, and traditional establishments. This regulatory push has been advocated for by the Sri Lanka Committee on Public Finance to ensure compliance and clarity in gaming laws. The GRA will oversee licensing, taxation, anti-money laundering measures, and preventive strategies to combat gambling addiction. The onset of this regulatory body will be a game changer in the politics and general news surrounding Sri Lanka's burgeoning casino-and-gambling sector.
