Sri Lanka’s new Gambling Regulatory Authority (GRA) is set to be established and operational by June 30th, 2026, as announced by Dr. Harsha de Silva, Chairman of the Committee on Public Finance (COPF).
The nation passed legislation to establish its Gambling Regulatory Authority in August, as it aims to capture up to 10 percent of its GDP from tourism, with a casino focus.
According to publication The Morning, this timeline aligns with COPF recommendations to expedite the process in accordance with Financial Action Task Force (FATF) anti-money laundering standards.
Dr. de Silva stated that while the legislation to create the authority is in place, detailed regulations are needed to make it operational. These regulations will outline licensing procedures, operational conditions, penalties, and compliance measures to protect government tax revenue and consumers from unregulated gambling.
International consultancy support will be sought to develop the regulatory framework, drawing on models like Singapore’s. Dr. de Silva highlighted online gambling as a major concern, noting that it operates outside existing laws and accounts for 60-70 percent of gaming activity.
The new authority will oversee both physical casinos and online betting platforms, ensuring compliance with international financial standards. A senior official from the Department of Fiscal Policy confirmed that the legal groundwork for the GRA is complete, but the authority is not yet operational.
The proposed GRA Board will consist of seven members, including key government officials and three members appointed by the Finance Minister. Once the Board is established, the authority can begin operations.
The law allows the Board to engage both local and international experts for assistance.
The country has its sights set on Indian punters, with Melco’s Chairman Lawrence Ho (behind City of Dreams Sri Lanka’s casino) noting that the nation could become “India’s Macau”.
The nation has targeted half a million Indian tourist visitations this year, a 20 percent increase from the nation’s largest source market.
