Govt. moves to set up Casino Regulatory Authority
Sri Lanka is speeding up the establishment of a Casino Regulatory Authority to manage online gambling issues, tax avoidance, and laundering of money. A senior Finance Ministry official emphasised that regulation would provide precise guidelines for functioning as well as improve transparency in revenue collection.
The proposed regulatory body will oversee licensing, monitor financial transactions, and introduce consumer protection policies in line with global standards. The authority aims to ensure responsible gambling practices and curb illegal activities such as money laundering and underage gambling through stricter oversight measures, he added.
Sri Lanka’s casino and traditional betting market has been expanding at a rapid rate. Market size is to grow around US$410.04 million by 2026 from $293.93 million in 2020 at a combined annual growth rate of 5.24 per cent. The industry has recorded around $376 million in 2024 and was expected to grow to $396 million this year.
This expansion is being driven by political stability, improved infrastructure, increasing disposable incomes, and increased interest in Internet gaming.
However, the lack of a dedicated regulatory body has made taxation and oversight of online casinos challenging. The Committee for Public Finance (COPF) chaired by MP Dr. Harsha De Silva has raised concerns on Thursday over the Inland Revenue Department’s (IRD) inability to regulate online gambling, with initial claims denying the existence of such platforms in Sri Lanka.
Subsequent investigations, however, confirmed their operations, particularly those using cryptocurrencies, he said.
As regulations tighten in other regions, offshore gambling operators have found a haven in Sri Lanka. Following crackdowns in Dubai, many online betting networks relocated operations to Sri Lanka. These platforms often function through call centres and agents, particularly targeting Indian gamblers, informed sources revealed.
Several gaming operators, such as 888casino, 22Bet, and Spin Casino, are more popularity among Sri Lankans specially youth. Additionally, joint ventures between foreign companies and domestic companies are also expected to enhance market growth further.
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