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Sri Lanka – Online Casinos & Gambling Regulations
Sri Lanka is an island nation some 30 miles off the Southern coast of India. Due to its shape and pristine natural beauty, it is often cited as the pearl of the Indian ocean. The relatively small size of the island may deceive many into believing it is sparsely populated, but some 21 million people call it home. Unfortunately, the country isn’t so economically developed and internet access remains limited for many residents. As such, neither operators nor lawmakers have been particularly interested in advancing the gambling industry in Sri Lanka. Yet those with internet access are still able to play online on a myriad of websites, despite there being no laws authorizing the activity.
More information about Sri Lanka – Online Casinos & Gambling Regulations
Due to the economic situation of Sri Lanka, there hasn’t been much thought into creating a regulated online gambling market. As such, people who decide to play from the country will be doing so without any regulatory safety nets or having the possibility of taking legal recourse should things go awry. Due to the lack of oversight, unregulated markets tend to attract illegitimate operations and it is important to be able to distinguish them or at least favor caution whenever signing up with a new site. Asking yourself some key questions can be a great start to avoiding the typical pitfalls of playing in an unregulated market.
- Is the casino licensed?
- What this the reputation of the site’s licensing body?
- What do reviews say about the site?
- Are your preferred payment methods supported?
- Will you be able to take advantage of any kind of loyalty program?
You can find a lot of answers to your questions by simply checking out the casino reviews listed here at GoodLuckMate. Our reviews are written to provide you with as much concise information regarding the legitimacy and value of a site so that you have it all clearly laid out before even having to step foot into the casino.
The economic hardships stemming from the country’s decades-long civil war means that Sri Lanka is still finding its place since peace arrived in 2009. Gambling has therefore sat in the backseat, remaining a gray area with not much legislation surrounding it. 2010 saw the Casino Business Act that established a legal foundation from which the industry could be built up. Plans valued at an estimated $1.6 billion were underway with the construction of three states of the art hotel and casino complexes. This could have been a huge boon for the country’s economy, however, the deal was shit down and a newly elected president saw any progress towards a fully regulated market shattered in 2015. The law meant the cancelation of the previous 2010, as well as an increase in levies towards casino entry and betting shops.
The current restrictive laws have not affected the online scene though, as there is still no legislation defining online gambling. The government makes no effort to restrict overseas operations from being accessible by residents either. The main issue that players face is that only around 25% of the country is connected to the internet.
A country with a large population size is usually a very attractive proposition for an online casino. The lack of regulation and the government’s backtracking on previous reforms, as well as the limited internet accessibility, unfortunately, makes Sir Lanka a hard sell though. You will be hard-pressed to find any online casino providing Sinhala or Tamil language options and you will therefore most likely be asked to access the site in English instead. Big Sri Lankan events might also be overlooked by sites, simply because they are not engaged in the Sri Lankan market. This also goes for welcome offers and other promotion material, which Sri Lankan players will not be eligible for more often than not, as this is usually a good way of gaining the attention of the government.
Playing with Sri Lankan rupees is also something that you should not have great expectations for. The reasons general localization options aren’t being represented for Sri Lankan players are the exact same as why online casinos are not incentivized to providing Sro Lankan rupee payment options. You will most likely be asked to instead set up your account using US dollars or euros. The good news is that there should still be a good amount of choice when it comes to payment options. Payment cards and bank transfer options are widely available across operators, but e-wallets and cryptocurrencies have proven themselves particularly popular with players who wish to avoid currency conversion or international transaction fees while being able to make quick and easy payments online.
The current gambling situation in Sri Lanka is actually quite a shame. The influx of revenues that a country can enjoy from regulating gambling is clearly documented across many other small countries with little to no options for economic growth. The 2010 deal could have brought big changes to the country by providing a massive boost from foreign investments that would have seen its own rewards while putting Sri Lanka on the map for other investors. Sadly, gambling remains a gray-zone in the country, which is very off-putting for an organization wishing to set up shop, as they could just as easily be kicked out or levied the very next day. The responsibility, therefore, lies on the countries lawmakers to come up with a solution that can create robust legislation attractive to investors. A coinciding expansion of internet infrastructure will also be required to fully take advantage of the benefits a regulated gambling market could bring.