Gambling in Asia is gaining as much popularity as it has in other parts of the world. The Korean Sports betting industry, for one, is increasingly growing every year. And as the industry grows popular, governments across Asia want to regulate the industry, and gain revenue from taxes that will be used for community projects and to fund the state coffers. This is also the case with the rapid legalization of sports betting across the world.
In the case of Sri Lanka, their government has recently announced several changes to increase revenue collection. However, these measures are being faced with complaints, as the effect of these measures could be detrimental to the operators.
Sri Lanka Gambling Laws
In the latest gambling news, operators of casinos will now have to pay a hefty annual license fee of $2.2 million, which is twice the current rate of $1.1 million. Not only that, but operators are to pay 15% in taxes on the turnover. But starting April 1, these taxes will now be assessed on operations.
Casinos will now also have to require patrons to pay an entrance fee. The fee of $50 per head to enter their premises. The government argues that a similar fee exists in Singapore. But local operators think this will be bad for their local patrons. Currently, Singapore charges an entrance fee of $100 for 24 hours or an annual fee of around $1,475.
Analysts foresee that these new measures will affect the local industry negatively, as these measures could serve as a deterrent for people to visit their premises, and opt for other gambling options instead. This may also affect the potential of the country to attract international investors and operators.
Either way, the numbers will speak for itself. Once the new measures are in place, the government will be able to track the numbers to see the effectiveness of their policies.