Sri Lanka to Establish it’s First Ever —National Gambling Authority.

Under enormous economic difficulties where nation is finding it extremely difficult to generate income revenue particularly foreign born income revenue, Sri Lankan Government is set to heavily rely on gambling industry to generate some considerable income with in the coming future.

It is been reported before the end of the year 2023 the establishment of a national casinos and gambling authority will be set up. And also many regulation relating to gambling will be revised with the implementation of the new authority.

The primary objective of establishment of the authority is to strengthen income generation through the industry and safeguard every existing loop hall that would allow both these companies and it’s users to evade taxes to be incurred to the government.

According to reports following ACTS are to be revised under new regulations.

• Betting and Gaming Levy (Amendment) Bill
• Casino Business (Regulation) Act, No. 17 of 2010
• Betting and Gaming Levy Act No. 40 of 1988 

Additional restructuring measures and regulation will be decided upon an implemented under President and Ministry of finance choosing.

In Sri Lanka’s laws and regulations pertaining to lotteries, gambling, gaming, horse racing, betting shops and casinos are regulated by betting and gaming levy, bill and the national gambling regulatory authority. And they are planning on increasing the fee charges from these businesses through new regulations to increase tax revenue for the government.

Not fully verified but through rough estimates it has been revealed that 9,037 persons had entered casinos from February to May of this year and that 5,381 of them were foreigners while 3,656 were locals.