Sri Lanka’s government has set a date for its Gambling Regulatory Authority (GRA) to be established and operational.
Foreign expertise could also be utilised by the new authority to support the creation of new regulatory framework for Sri Lanka’s gaming industry.
News aggregator Newswire has stated that the target date for GRA to be live is 30 June 2026, a decision made during a meeting of the Committee on Public Finance (COPF) by the Finance Ministry and the Department of Inland Revenue.
According to the report, 60% to 70% of Sri Lankan casino players now play online casino, while 30% to 40% visit land-based casinos frequently. Currently, six land-based casino licences have been issued in the region, but online casinos remain unregistered and untaxed.
Attention was brought to the fact that there’s currently no system in place to collect online casino tax revenue, meaning the country is missing out on additional income.
Dr Harsha de Silva, Chair of the COPF, stated that GRA’s progress will be reviewed by the Financial Action Task Force (FATF) on anti-money laundering and counter-terrorism financing compliance next year, formalising casino operations and improving tax collection.
It was also proposed that the set-up of the new authority’s regulatory framework should be supported by foreign expertise. Nominations for a seven-member board to run GRA have already been called upon, with the appointment of a CEO to lead operations to follow.
Legislation for the creation of GRA was passed by Sri Lanka’s parliament back in August, before being endorsed by Hon. Speaker Dr Jagath Wickramaratne last month.
“This Act is to provide for the establishment of the Gambling Regulatory Authority; for the repeal of the Betting on Horse-Racing Ordinance (Chapter 44), Gaming Ordinance (Chapter 46) and the Casino Business (Regulation) Act, No. 17 of 2010; and to provide for matters connected therewith or incidental thereto,” stated the Sri Lankan parliament in a press release.
“This Act provides for the establishment of the Gaming Regulatory Authority as a single regulatory body for gaming operations, to regulate the gaming industry in Sri Lanka.
“The proposed Authority will act as an independent regulator with a broad scope and responsibility to issue legally enforceable social responsibility codes in relation to online and offshore gaming operations on board ships and in the Port City of Colombo.”
