Boost in Online & Offline Casinos in Sri Lanka

Sri Lanka is seeing a boost in the number of casinos. Currently, Sri Lanka has 6 casinos in operation and it recently has 10 more casinos that have applied to operate in the country as reported by www.dailymirror.lk.

Sri Lanka’s Minister of Finance, Ranjith Siyambalapitiya, has announced new casino license prices. The announcement comes after the submission of ten casino applications.

With the newly revised pricing structure, current casinos will pay US$1.55 million for the first five years, followed by US$4.66 million for future renewals, with a US$31 million renewal cost. License and renewal fees for new operators proposing investments of up to $250 million will be US$31 million. For anyone investing more than US$500 million, the initial cost will be US$15.5 million, with renewal fees of US$31 million.

The Sri Lanka Parliament’s Committee on Public Finance (COPF) is concerned that the government has failed to satisfy its commitment to establish a gaming regulator by December 31, 2023. The COPF has summoned the director general of fiscal policy to present information on both physical and internet casinos, including tax receipts. It called for a strategy to reclaim overdue taxes owing and provided a two-week extension for submitting needed material, with the legislation expected to be finished by March 31.

This is in tandem with the growing number of online casinos, the online casino landscape in Sri Lanka has also changed with big brands such as Mega Casino World (MCW) launching a presence in Sri Lanka. With costs of mobile devices and mobile internet lowering, online casinos has unexpectedly grew in popularity over the past few years.

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