Sri Lanka one step closer to online gambling authority
Lawmakers in Sri Lanka have taken a significant step towards establishing a gambling regulator in the country after its Cabinet of Ministers approved the publication of a draft bill.
The bill proposes a Gambling Sports Regularization Act, which would set up a gambling regulatory authority to oversee the rapidly expanding unregulated online gambling industry, including offshore and onshore operators.
It follows a February decision by the Cabinet of Ministers to draft the legislation. On Monday, the Cabinet approved its publication in the Government Gazette and presented the bill to Parliament.
Speaking at a media briefing, Cabinet Spokesman Dr Nalinda Jayatissa outlined the role that the new authority would have, saying, “The proposed authority will serve as the sole national regulator with a broad mandate, covering areas such as offshore gambling sports on ships and in the Colombo Port City, online gambling platforms and offshore casinos.”
The bill is in response to repeated demands for regulation of the wider gambling industry, most notably from the Committee on Public Finance, which has regularly warned of the loss of potential revenue from an unregulated industry.
If Parliament approves the bill, the gambling regulatory authority would ensure industry-wide compliance with the law, effective revenue collection, and new rules to tackle social harms resulting from online gambling.
Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
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