The country’s financial leaders feel the gambling regulations drafted don’t go far enough to offer protection
Sri Lanka’s plans to overhaul its gambling regulations are facing renewed criticism from lawmakers, with the country’s Committee on Public Finance (CoPF) warning that delays and weak provisions in the proposed Gambling Regulatory Authority (GRA) Bill could undermine oversight of a rapidly growing industry.
Speaking to local media, CoPF chair Dr. Harsha de Silva said the bill, which has been under review for more than a year, does not meet the standards required to effectively manage the casino sector. He noted that successive governments have been advised to draw on regulatory expertise from established jurisdictions such as Singapore, but have failed to follow through.
Concerns have intensified since the opening of City of Dreams, Sri Lanka’s first integrated resort, which received a 20-year casino licence despite earlier CoPF recommendations against granting new licences before a regulator was in place.
The committee’s frustration is aimed at both the Finance Ministry and the Attorney General’s Department, citing repeated missed deadlines. Funding for the GRA was originally targeted for September 2023, later pushed to March 2024, with neither achieved. The Attorney General’s review of the bill has also stretched to 15 months, prompting calls for measures to prevent similar delays.
Currently, Sri Lanka’s casinos operate under outdated legislation—the Casino Business (Regulation) Act of 2010 and the Betting and Gaming Levy Act of 1988. While the 2010 law allows for licensing and operational zones, no implementing regulations have been issued. As a result, major venues such as Bally’s, Bellagio, Casino Marina, and Stardust continue to run under provisional registrations granted in 2013, leaving significant gaps in compliance monitoring and financial oversight.
The CoPF is urging the government to revise and fast-track the bill, incorporating stronger powers, modern anti-money laundering measures, and player protection protocols. Lawmakers argue that without decisive action, Sri Lanka risks falling further behind global regulatory standards while the casino sector continues to expand.
