Cabinet says yes to setting up of gambling regulator

The Government has decided to set up an authority to regulate gambling activities a move which got Cabinet backing on Monday.

The authority will be tasked with collecting expected tax revenue, preventing offences relating to gambling activities and minimising the negative effects gambling may have on the people and society.

President Ranil Wickremesinghe, in his capacity as the Finance Minister, successfully obtained approval for his proposal to direct the legal draftsman in formulating a Bill aimed at establishing a gaming regulatory authority.

In January this year, the Government announced its intention to enact new legislation in accordance with the Casino Business Act of 2010, as well as amend the Betting and Gaming Levy Act of 1988, in order to enhance the regulatory oversight of the nation's casino industry.

At that time, the Government expressed that this initiative would enable the Inland Revenue Department (IRD) to effectively implement new casino taxes and issue new licences without encountering any administrative or legal complications.