Sri Lanka's Cabinet of Minister approves establishment of independent gambling regulator

Sri Lanka's Cabinet of Ministers has given its approval for the establishment of an independent Gambling Regulation Authority. The body is set to operate with a comprehensive mandate to oversee and standardize the gambling industry.

The move's ultimate aim is to minimize social harm, foster the tourism industry, and stimulate economic growth, according to authorities. The Cabinet's approval was necessary to proceed with drafting the relevant legislation, spokesperson Nalinda Jayatissa stated.

The resolution to establish the new regulator was proposed by President Anura Kumara Dissanayake, in his role as the Minister of Finance, Plan Implementation, and Economic Development. The Cabinet's policy approval allows for the immediate formulation of the draft bill, reports Lanka News Web.

The latest endorsement follows initial approval by the Cabinet of Ministers on 26 June 2023 to create an independent regulatory body to oversee gambling institutions. At the time, the new regulatory framework was touted as a key mechanism to bring transparency and ensure accountability in the country's gambling industry, aligning it with international standards while enhancing its appeal as a tourism hub.

While the Government currently collects taxes from gambling establishments, a regulatory authority would provide a structured framework to oversee operations and introduce standardization of the casino industry, Jayatissa added.