Key Features of the Gambling Sports Regularization Act

1. Legalizing Multiple Gambling Venues:

   • The bill would legalize gambling across a wide range of venues, including:

     • Land-based casinos: These would be established in select areas, including integrated resorts in the Colombo Port City Special Economic Zone, a development aimed at boosting tourism and foreign investment.

     • Offshore boat casinos: Gambling activities would also take place on boats, giving a unique twist to Sri Lanka’s gambling landscape.

     • Internet gambling: Online gambling would be legalized, offering opportunities for local players to access regulated platforms from the comfort of their homes.

2. Regulatory Oversight:

   • A dedicated Gambling Regulation Authority will be established to oversee the entire industry. This body will be responsible for:

     • Issuing licenses to operators.

     • Monitoring compliance with gambling regulations.

     • Enforcing anti-money laundering (AML) and Know Your Customer (KYC) measures, essential for maintaining transparency and preventing illegal activities.