Online casinos attract hundreds of Sri Lankan youths. Ministry of Finance sources said Sri Lanka is losing significant tax revenue due to the rapid growth of the online casino market, as many youths access various internationally regulated betting sites
At least 10 internationally licensed gambling platforms, including rupee-based online casinos, attract both local and foreign visitors.
The legal framework in Sri Lanka allows for land-based casinos, and now the Ministry of Finance is considering legalising online casinos and establishing a special regulator,
Dr. de Silva stated at a recent CoPF meeting that the current laws are ineffective, as offshore operators continue to operate, resulting in lost tax revenue.
During a recent parliamentary session discussing online casinos, representatives from the Ministry of Finance and the Central Bank supported the idea of creating a special regulator.
Sri Lanka has introduced amendments to its casino licensing regulations, which include minimum investment thresholds and revised fee structures.
Players of foreign online gambling sites face no penalties in Sri Lanka,
