Sri Lanka is Establishing Its Gaming Industry by Adopting a Gambling Regulatory Authority
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Sri Lanka (July 19, 2023) — Sri Lanka is on the verge of establishing its gaming industry through the adoption of a Gambling Regulatory Authority. The Cabinet of Ministers of Sri Lanka recently initiated the process of introducing a Bill to officially recognise and regulate gaming in the country, responding to the industry’s substantial growth in recent years. Currently, Sri Lankan customers freely play online casino games on international platforms. However, local operators are hindered from entering the market, giving foreign companies an advantage. Establishing a Regulatory Authority aims to formalise the gaming industry, providing business opportunities for Sri Lankan companies and localised games suited to player preferences.
Gaming and sports betting operators the world over understand the benefits of a regulated market and its potential for revenue growth. The advantages of a regulated market include:
- Sustainable market growth and local economic development
- Eliminating harmful black market operators and maximising profits
- Building consu mer trust and fostering customer loyalty
- Attracting foreign investment through an enhanced international reputation
- Player protection, including financial safeguards