Sri Lanka will have a gambling regulator

The Sri Lankan Cabinet has approved the formation of a new supervisory body. The Gambling Regulatory Authority will be responsible for the industry, revenue collection and the general course of development of this sphere in the country.

Ministers voted in favor of the bill, which was introduced by the president earlier this week. It pays serious attention not only to the fact of creating a regulatory body, but also to setting rules for the industry.

Under the potential law, an elaborate structure must be built around gambling. It would seek to ensure taxation, minimize harm, and limit illegal activity.

However, not all provisions of the law are yet clearly defined. For example, the duration of the license required for the legal activities of gambling companies in the country has not yet been approved. According to some reports, this term could be up to 20 years.

With regard to taxation, casinos will have to pay 40% of all profits. Also the amount of the initial license fee is set – $1.3 million (111.8 million rubles).

Now there are four gambling establishments in Sri Lanka: Bally’s Colombo, Bellagio Colombo, Marina Colombo and MGM Colombo. Another casino is due to open in August on the second floor of the Colombo Lotus Tower. The innovations will affect the activity of each of them. Sri Lanka also hopes to attract more projects.

The debate over the creation of a regulatory body for the gambling market began in the country last year. At that time, it was also decided to issue licenses to the four active casinos to make tax collection more efficient.

Noteworthy: a Briton won the Health Lottery for the second time in 7 years and will direct the money to good causes.

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