In a significant move, Sri Lanka's Cabinet has given the green light to establish a formidable watchdog - the Gambling Regulatory Authority. This momentous decision grants the Authority sweeping responsibilities, encompassing the regulation of the gambling industry, the efficient collection of revenue, and the strategic direction for the sphere's growth and development within the country.
A resounding victory in favor of progress occurred as ministers cast their votes in support of the bill proposed by the President. This monumental decision, reached earlier this week, reflects a deep commitment to establishing a robust regulatory body for the gambling industry. However, the bill does not stop there; it displays an equally earnest intent to lay down comprehensive and well-defined rules governing the entire gambling landscape.
The proposed legislation outlines a comprehensive framework for the gambling industry, encompassing various facets. The primary goals of this structured approach are to establish a robust taxation system, mitigate potential harm associated with gambling, and effectively curtail illegal activities. By implementing these measures, the authorities seek to strike a balance between promoting responsible gambling and safeguarding public interests.
However, not all provisions of the law have been clearly defined yet. For example, the term of validity of the license required for the legal operation of gaming companies in the country has not yet been approved. According to some reports, this period may be up to 20 years.
Regarding taxation, the newly approved regulations mandate that casinos are obliged to pay a substantial 40% of their profits. Moreover, to obtain an operating license, casinos must be prepared to cover an initial fee of $1.3 million. These measures are intended to bolster revenue generation and ensure a robust regulatory framework in the gambling sector.
Last year, the country initiated a spirited debate on the establishment of a regulatory body for the gambling market. As part of the process, four operating casinos were licensed to enhance tax collection efficiency, paving the way for further discussions and developments in the industry.
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