COLOMBO – Sri Lanka's 2023 Budget has proposed to make several amendments to the definitions made in the Betting and Gaming Levy Act, and the Casino Business (Regulation Act).
Betting and Gaming Levy Act:
The definition of "bookmaker" in the Betting and Gaming Lely Act will be extended to include a person receives or negotiates bets on all type of sports event, including online betting.
A licensing mechanism for the business of bookmaker will be introduced, for a fee. Betting and Gaming Lely Act will be amended to permit the licensed bookmakers to register with hland Revenue Department. Engaging in the business of bookmaker without a license and will be prohibited by making it a punishable offence.
Casino Business (Regulation) Act:
Amendments will be introduced to extend the definition of gaming/ casino to include the online gaming/casino. The regulatory and licensing requirements will be applicable for online casinos operate in Sri Lanka. Any online casino operating without a license will be made illegal.
