Sri Lanka urged to regulate online gambling

Sri Lanka’s online gambling industry remains in legal limbo, with experts warning that failure to regulate could lead to lost revenue and unintended restrictions on other digital platforms. This comes despite a recent development in which the country’s Cabinet of Ministers approved the continuation of drafting a bill to establish the Gambling Regulatory Authority. The decision follows a request from the Legal Draftsman, seeking concurrence from the current Cabinet to proceed with the legislative process.??

Speaking at an iGaming event in Sri Lanka, Riaan Van Rooyen , CEO of Aria International, underscored the need for clear-cut policies. “Either you ban it completely, or you regulate it,” he said, dismissing partial regulation as an ineffective approach. Van Rooyen cautioned that past attempts to outlaw online gaming in other countries have led to unintended consequences, including broader internet restrictions that impact social media and payment systems.??

Joe Pisano , CEO of Jade Entertainment and Gaming Technologies, Inc. and a veteran in the industry, echoed this concern. “If you try to fight the tide, you’re only going to drown,” Pisano warned. “The best approach is to bring online gaming into the system and regulate it effectively.”??

Van Rooyen further warned that failure to establish a regulatory framework could result in lost tax revenue and a surge in illicit activities. “If you do not have it fully integrated, you’re not going to be around for long,” he cautioned...[Read More]