According to the "Island Report", the Committee on Public Finance (CoPF) in Sri Lanka criticized the Ministry of Finance and the Attorney General's Office for their prolonged delay in drafting the "Gambling Regulatory Authority (GRA) Act", leading to lagging industry regulation. CoPF stated that the bill neither meets international standards nor is sufficient to control the rapidly expanding gambling industry.
Dr. Harsha de Silva, the chairman of CoPF, pointed out that the committee had repeatedly advised the government to refer to mature regulatory systems such as Singapore's, but the advice was ignored. Despite CoPF's calls for a temporary halt in issuing new licenses before the establishment of the regulatory body, the government still approved a 20-year casino license for Dream City Integrated Resort, raising concerns.
CoPF revealed that it had urged the Ministry of Finance to implement the GRA funding plan by September 2023 and March 2024, but both were unfulfilled; the Attorney General's Office took 15 months to review the bill. The country's casinos still operate under the outdated "Casino Business (Regulation) Act" of 2010 and the "Betting and Gaming Tax Act" of 1988, lacking effective licensing and regional regulations. Casinos such as Bally’s, Bellagio, Casino Marina, and Stardust still rely on temporary registrations from 2013, and the financial activities of online platforms are almost unregulated.
