Sri Lanka's Parliament Approves New Gambling Law to Curb Illegal Operators
Sri Lanka's parliament has approved the Gambling Regulatory Authority Bill, set to consolidate casino, horse racing, and gambling laws into a single framework. The new law, the Gambling Regulatory Authority Act, aims to create a safer, more accountable industry while addressing concerns about online gambling and money laundering.
The Gambling Regulatory Authority (GRA) will oversee revenue collection, licensing, and compliance across the industry. Its responsibilities include tackling illegal gambling, minimising social harm, and ensuring transparency. Supporters argue that the new law could help curb illegal operators and contribute to national revenue and tourism.
Opposition lawmakers, however, have called for stricter regulation of online gambling to address consumer protection and money laundering concerns. Critics suggest the law's effectiveness will depend on the GRA's ability to enforce compliance across both physical casinos and the online market. The GRA will also help address money laundering risks and ensure casinos operate within the law.
The Gambling Regulatory Authority Act replaces the Horse Racing Betting Ordinance, the Gambling Ordinance, and the Casino Ordinance. Once the speaker endorses the bill, the GRA will officially take shape, restructuring Sri Lanka's gambling environment. The new authority's role in enforcing compliance and addressing online gambling concerns will be crucial in shaping the future of the industry.
