In an ambitious move to revamp the betting landscape, Sri Lanka’s President, Anura Kumara Dissanayake, is steering the nation towards a significant overhaul of its gambling regulations. A groundbreaking draft bill has been introduced in the government’s gazette under Dissanayake’s leadership, signaling a pivotal shift that could reshape the gaming and betting sector in Sri Lanka.

This proposed legislation aims to establish a robust Gambling Regulatory Authority, marking a departure from the traditional framework governed by three longstanding ordinances: the Horse Racing Betting Ordinance, the Gambling Ordinance, and the Casino Ordinance—the most recent of which was enacted in 2010. The introduction of this regulatory body not only promises to modernize Sri Lanka’s gambling scene but also suggests sweeping changes that could extend beyond current legal parameters.

As it stands, legal gambling in Sri Lanka is confined to horse racing at esteemed venues like the Royal Turf Club in Nuwara Eliya and casino operations within premier establishments such as Bally’s Casino in Colombo. The scope of President Dissanayake’s reforms remains under wraps; however, there is speculation about whether these changes might broaden gambling avenues to include other popular sports like cricket or facilitate the expansion of physical casinos.

Central to this legislative push is the creation of a unified Gambling Regulatory Authority tasked with overseeing market compliance and regulatory adherence. With the potential repeal of existing ordinances on the horizon, it’s plausible that new taxation frameworks and regulatory measures will be introduced to streamline governance within this sector.

The momentum for modernizing Sri Lanka’s gaming industry has been building since April when Health and Mass Media Minister Dr. Nalinda Jayatissa announced that the attorney general had greenlit the bill for publication. With media reports suggesting that parliamentary approval is next on the agenda, prospects for reform look promising given that President Dissanayake’s party—National People’s Power (NPP)—holds a majority with 159 seats out of 225.

Elected in 2024, Dissanayake has embarked on a crusade against organized crime and corruption. His advocacy for regulatory reform aligns with his broader campaign objectives by potentially curbing illegal gambling activities and protecting citizens from unlicensed offshore operators. This initiative mirrors broader shifts across Asia towards regulated gambling markets as seen in India’s Karnataka state’s aspirations and evolving casino industries in Japan and Thailand.

Notably, international stakeholders are closely watching these developments with keen interest. Sportradar CEO recently acknowledged Sri Lanka as harboring ‘long-term opportunities’ during an investor call—a testament to the growing appeal of regulated markets within Asia’s dynamic betting landscape.

As Sri Lanka stands on the cusp of pioneering reforms in its gaming and betting industry, anticipation builds over how these changes will unfold and their impact on both local stakeholders and global interests eyeing opportunities within this emerging market.