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Parliamentary committee says proposed law is inadequate and urges faster action on oversight.
Sri Lanka’s Committee on Public Finance (CoPF) has voiced strong dissatisfaction with delays to legislation intended to regulate the country’s casino sector. Speaking to local media outlet The Island, the committee said the proposed Gambling Regulatory Authority (GRA) Bill falls short of the standards needed to manage a fast-expanding market.
The criticism was directed at both the Finance Ministry and the Attorney General’s Department for failing to meet deadlines in finalising the Bill, which has been under review for more than a year.
Committee calls for stronger regulatory model
Lawmakers want Sri Lanka to follow examples set by more mature jurisdictions.
CoPF chair Dr Harsha de Silva said successive governments have been repeatedly advised to seek technical input from countries with established gambling oversight bodies, such as Singapore, but these recommendations have not been implemented.
The urgency for reform has grown following the recent launch of City of Dreams, Sri Lanka’s first integrated resort, which has been granted a 20-year casino licence.
Good to know: The licence was approved during President Ranil Wickremesinghe’s tenure, despite earlier CoPF recommendations against issuing new licences before a regulator was in place.
Missed deadlines and lengthy reviews
The proposed Gambling Regulatory Authority has been delayed multiple times.
According to the CoPF, the Finance Ministry was initially urged to fund the creation of the GRA by September 2023, later revising the target to March 2024. Neither deadline was met. The Attorney General’s Department has also faced criticism for a 15-month review process on the Bill, with the committee calling for measures to prevent such delays in future.
Outdated legislation still in effect
Casinos operate under provisional registrations and laws that lack enforcement mechanisms.
Sri Lanka’s gambling industry is still governed by the Casino Business (Regulation) Act 2010 and the Betting and Gaming Levy Act 1988. While the 2010 Act provides for licensing and the designation of operational zones, the necessary regulations to enforce these provisions have never been issued.
Major venues, including Bally’s, Bellagio, Casino Marina and Stardust, continue to operate under provisional registrations granted in 2013. The CoPF says this leaves the country without effective tools to monitor financial activity across the sector, including online platforms.
Push for modern oversight
Committee warns that gaps in regulation undermine both compliance and transparency.
The CoPF has made clear that the current framework is not fit for purpose in an environment where the casino sector is expanding rapidly. Without timely implementation of a regulator equipped with the necessary powers, the committee warns that Sri Lanka risks falling further behind international standards for governance, anti-money laundering controls and player protection.
The committee is now pressing for the Gambling Regulatory Authority Bill to be revised, expedited and brought in line with proven models from other jurisdictions, with the aim of ensuring a sustainable and well-supervised casino industry.
Source: Gambling Insider
