A bill that seeks to establish a dedicated watchdog in Sri Lanka that will oversee the country’s gambling industry has successfully cleared the Committee on Public Finance, with the draft law overcoming yet another important hurdle on its way to becoming a law.
The proposed Gambling Regulatory Authority is planned as an independent body that will seek to standardize betting and gaming activities in Sri Lanka and also work on other crucial areas of common interest, such as minimizing gambling-related harm, boosting social responsibility, and helping develop the economy and tourism sector.
Progress in Establishing Regulatory Body Rises Hopes for Gambling Hub
Similarly, the would-be regulator would be tasked with collecting tax money from established gambling operators in the country and also look after whether all prerequisites are met in the case of companies running gambling businesses in Sri Lanka.
There is already serious investor interest in the country and its potential to transform itself into a regional gambling hub for gambling. Melco’s City of Dreams Sri Lanka will seek to transform the country into a “Macau” of India, referring to the Special Administrative Region of China, which is also a regional gambling powerhouse.
To succeed, though, lawmakers would have to come together and ensure that they sway both the public opinion, foreign investors, and appease the country’s current leader, President Anura Kumara Dissanayake.
Putting forward plans for a regulatory body is the right way forward to tackle the outstanding problem and ensure that gambling in Sri Lanka may take root sooner rather than later.