08 Sep Online Betting and Gaming in Sri Lanka
Betting and gaming in Sri Lanka are primarily regulated by the Betting and Gaming Levy Act of 1988 and subsequent amendments, along with the Casino Business (Regulations) Act, No. 17 of 2010. These laws oversee various forms of gambling, including casinos and betting within Sri Lanka. The main Act has undergone seven amendments since 1998, with the most recent amendment taking effect on April 1, 2023, and being endorsed by the Speaker of the Parliament on August 21, 2023.
According to the Betting and Gaming Levy (Amendment) Act, No. 11 of 2023, online betting and gaming via the internet have been permitted in Sri Lanka since April 1, 2023. This amendment defines key terms such as “bookmaker” and “gaming.” A bookmaker is described as a person who receives or negotiates bets directly or indirectly, in cash, on credit, or via the internet, related to horse races held in Sri Lanka or elsewhere, as well as any proposed sport events. Gaming is defined as individuals having access physically or via the internet. Consequently, any individual or company, including those incorporated under the Companies Act No. 07 of 2007, can engage in the business of betting and gaming virtually, subject to approval from the Commissioner General of Inland Revenue and the Ministry of Finance, respectively.
Starting on or after April 1, 2023, a casino entrance levy of United States Dollars fifty or its equivalent in any other convertible foreign currency or in Sri Lankan currency shall be charged from any citizen of Sri Lanka who enters such a gaming establishment.
Betting and gaming operators are subject to taxation under the Betting and Gaming Levy Act, which imposes taxes based on their revenue. Effective from April 1, 2023, the levies on betting range from Sri Lanka Rupees 75,000.00 to 5 million, while the levies for carrying on the business of gaming vary from Sri Lanka Rupees five hundred thousand to Rupees 25 million.
Please note that the regulatory landscape for betting and gaming can change over time, and it is important to stay informed about the latest regulations and requirements through legal experts to ensure compliance with the law.
DPR News Desk
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