Sri Lanka moves to establish independent gambling regulator

Sri Lanka is embarking on a significant reform of its gambling sector with the introduction of a newly drafted bill aimed at establishing an independent Gambling Regulatory Authority.

This initiative represents a pivotal leap toward modernizing regulatory oversight and enhancing integrity within the industry.

The forthcoming Authority will be responsible for regulating legal gambling operations, implementing reforms centered on transparency, and effectively addressing illegal activities associated with the sector. This multifaceted approach aims to create a more secure and accountable gambling environment.

Led by President Anura Kumara Dissanayake, who concurrently holds the position of Minister of Finance, Planning, and Economic Development, this ambitious initiative is set to redefine the landscape of gambling in Sri Lanka.

Upon enactment, the proposed legislation will replace three antiquated laws: the Horse Racing Betting Ordinance, the Gambling Ordinance, and the Casino Ordinance. Many of these regulations have remained unchanged for decades, needing modernization to keep pace with current trends and best practices. The Cabinet approved the framework of this bill on April 21, with its subsequent debate scheduled in Parliament under the title of the Gambling Regulatory Authority Act.

The establishment of this Authority is anticipated to enforce contemporary compliance standards across all gambling verticals, ensuring that operators meet their legal and financial obligations. Additionally, the government views this reform as a strategic avenue for generating structured tax revenue, while also working to combat money laundering and other illicit activities that have affected the industry.

As Sri Lanka moves forward, this progressive reform could serve as a blueprint for other nations contemplating similar regulatory measures, emphasizing the importance of transparency and accountability in the gambling sector.