Sri Lanka has recently introduced a new law that will comprehensively regulate gambling activities starting from December 1. This law aims to regulate market order, prevent illegal activities, and enhance transparency. Simply put, this is an important step by the government to rectify the industry.
Background of the Law's Effectiveness
Sri Lankan President Anura Kumara Dissanayake announced that the "Gambling Activities Regulation Act No. 17 of 2015" will officially take effect on December 1, marking a new era of regulation for the gambling industry. In fact, this bill was certified as law by the Speaker on September 3, but it is only now being implemented.
Scope and Details of Regulation
According to the new law, a gambling regulatory authority will be established to regulate all types of gambling operations. Apart from lotteries and social gambling activities, all other types of gambling will be fully regulated by this authority. It is worth mentioning that this aims to prevent illegal activities and strengthen public oversight.
Industry Impact Outlook
This legislation is seen as a key measure by the Sri Lankan government to systematically rectify the gambling market, and it is expected to have a profound impact on the operational models and investment environment of the industry. Honestly, this could change the entire industry's rules of the game.
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This article is from "PASA-Global iGaming Leader" gambling industry news channel:https://t.me/pasa_news
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