New act for National Lotteries Board

Thursday, 16 February 2017 00:43 - - {{hitsCtrl.values.hits}}

The Government has granted approval to draft a new act to govern the National Lotteries Board (NLB) to cater to modern business environment. According to Finance Minister Ravi Karunanayake who brought the proposal to the Cabinet of Ministers, the current act which was enacted 53 years, has limited scope to address current market conditions where NLB no longer enjoys a monopoly.

Minister Karunanayake in his proposal to the Government highlighted that there are several market players including private sector mobile companies which run lotteries as part of their product promotions, thus needing larger scope in regulating the sector.

Currently the NLB which was established by the Finance Act No. 11 of 1963, maintains nine passive lotteries and two instant lotteries, earning Rs. 17.5 billion in 2015. Further the proposal highlighted that the Parliamentary Committee on Public Enterprises (COPE), also recommended taking immediate steps to amend the law as the present Act as it ‘does not meet the broad objectives of the institution as well as certain ambiguities created by surpassing by-laws’.

COPE has indicated the need for amending the current act in order to revoke its shortcomings. Accordingly, the proposal made by Minister of Finance Ravi Karunanayake to instruct the legal draftsman to prepare a new act for the NLB, considering the present market trends, was approved by the Cabinet of Ministers.