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Sri Lanka, known for its picturesque beaches and rich culture, has turned its attention to the gambling industry. In recent years, the gambling industry in the country has attracted a lot of attention from investors and authorities. Therefore, the government is introducing new, stricter licensing rules. These changes will help to control the industry better and increase the minimum investment for those wishing to open a casino.
Sri Lanka is setting new standards
Sri Lanka has not only seen an increase in interest in the gambling industry but also concerns about the risks of addiction and debt that can arise from citizens who become addicted to casinos and sports betting.
The increased availability of gambling on the internet has an impact, as the analysis of Sri Lanka’s search engine shows the incredible popularity of online casinos such as 1win, Pin Up, or Mostbet. These casinos are particularly successful due to their various promotions. To participate in these promotions, you need to get a Mostbet bonus code and enter it in the particular field of the registration window during account creation.
In addition, online casinos attract a much greater variety of games, easy payouts and, most importantly, the ability to play from home directly from your PC or phone. This saves a lot of time, effort and money.
Obviously, such accessibility is only an advantage for the majority of users with normal gambling behavior. However, for problem players, it can be a big problem that needs to be solved.
The answer to the emerging problems is a comprehensive approach to licensing, which will not only increase the level of control over gambling activities but also attract investors who are ready to make significant investments in this sphere:
According to the new rules, those wanting to obtain a license to open a casino must meet the established minimum investment requirements. For example, projects with a minimum investment of $250 million will be saddled with a $31 million license fee and a corresponding renewal fee. This suggests that only carefully crafted and serious projects will be able to enter the gambling industry.
There are more favorable conditions for large-scale projects with investments exceeding $500 million: the license fee will be $15.5 million, and the renewal fee will remain at $31 million. The move is aimed at incentivizing large investments that will help create jobs and improve the country’s infrastructure.
However, the changes will not only affect new operators. The new rules also affect existing casinos licensed before January 1, 2023. They will pay a license fee of Rp 2 billion, while the renewal fee will remain unchanged at Rp 10 billion. The measures will help to equalize the market and promote a fairer environment for all participants.
The new casino licensing rules in Sri Lanka are a step towards creating a more responsible and regulated gambling industry. The government hopes to minimize the social risks associated with gambling and attract large investments, which will contribute to the development of the economy, create new jobs, and stimulate tourism.
Also, earlier, it became known that the local company Golden Island Hospitality Ltd signed a contract with Majestic Group Hotels and Casinos from India. Under the new agreement, the companies decided to open and jointly operate Majestic Pride Casino, Sri Lanka, which will be located in the Colombo Lotus Tower.
