Sri Lanka’s Parliament passes landmark Gambling Regulatory Authority Bill

The Sri Lankan parliament has approved its Gambling Regulatory Authority Bill, marking a significant step toward revising the nation’s gambling regulations.

Following the Committee on Public Finance’s approval, the bill passed its second reading. Once the parliamentary speaker signs it into law, the Gambling Regulatory Authority Act will be enacted.

This law replaces a number of previous ones, such as the Casino Ordinance, Gambling Ordinance, and Horse Racing Betting Ordinance, by creating a single Gambling Regulatory Authority to regulate all gambling activities.

The new law seeks to modernise and clarify the island’s gambling and betting regulations by combining these frameworks.

Deputy Economic Development Minister Anil Jayantha Fernando told parliament that the Gambling Regulatory Authority will ensure casinos comply with established rules and address risks such as money laundering.

In addition to promoting transparency and good governance, the regulatory body will have broad authority to crack down on illicit gambling operations and collect gambling-related revenue.

In order to establish a consistent regulatory environment, it is also responsible for standardising gaming and betting establishments.

The bill states that the authority will strive to reduce the negative social effects of gambling while promoting economic expansion and tourism advancements.

As Minister of Finance, Planning, and Economic Development, President Anura Kumara Dissanayake of Sri Lanka oversaw the beginning of the bill’s drafting. It was first published in May and then approved by a committee on August 12th.

This regulatory change comes as City of Dreams Sri Lanka, the country’s first large-scale integrated resort with a casino, opened its doors in Colombo.

Therefore, the Gambling Regulatory Authority Bill supports Sri Lanka’s overarching goal of responsibly regulating and expanding its gambling industry while drawing in foreign tourists.