Find the Best Bookmakers in Sri Lanka 2023 🇱🇰

Sri Lanka Players' Favorite Sports

Sports play a big role in Sri Lanka with cricket undoubtedly the most popular, especially the international matches. Sri Lankans are also big fans of rugby and horse racing with football becoming increasingly popular. These sports are where most Sri Lankans place their bets in a wide range of markets.

Best Odds for Sri Lankan Players

Sri Lankan sites mostly use decimal odds which makes calculating potential wins very easy. Players should remember that the better the odds, the better chance a player has of winning, and it is important to seek out the best odds from the best bookmakers.

Odds can change, so timing could be a crucial strategy to gain the most from a bet. Players may discover that some sites are more consistent in offering better odds than others, but it is always good to shop around for the best odds to get the best returns.

Biggest Local Tournaments and Events

As mentioned already, Sri Lankans are serious fans of cricket both domestic and international. The sheer variety of betting markets in cricket make this a very exciting sport to bet on, and can include bets for teams or individual players.

The simplest bet is which side will be the match winner. Punters can also bet on who will score the most runs either over both teams or for each of the teams. Bets can be placed on predicting how many fours/sixes will be scored in a match.

Wagers are also placed on estimating which pitcher will take the most wickets whether the best pitcher overall or the best pitcher for each team. There are a variety of different markets on how many runs will be scored during a particular period in the match, for example, in the first 6 overs.

Again a number of different bets can be made on lost wickets which follow the same types of bet as number of runs but relating to lost wickets. Another type of bet is predicting the method of the first dismissal whether it will be caught, bowled out, LBW or run out etc. Bettors can also bet on who they think will be the man of the match.

Biggest Sporting Events in Sri Lanka

By far the most prolific number of matches and tournaments played in Sri Lanka are from the sport of cricket. Cricket is extremely popular and is played at all levels from recreational to professional leagues. Sri Lankan teams play in a plethora of domestic and international competitions, having hosted the Cricket World Cup and Asian Cup many times.

Sri Lanka is a full member of the International Cricket Council (ICC) and as such they participate in test cricket with 11 other countries. They also take part in the T20 World Cup and hosted it in 2012.

The 2 major domestic cricketing events are the Premier Trophy and the Premier Limited Overs Tournament. The Premier Trophy is a first class cricket competition with 11 players on each team, playing 2 innings each, over a 1-3 day period.

The Premier Limited Overs Tournament began in 1988 involving 20 teams that battle it out with a maximum of 50 overs per team. The final 8 play on a knockout basis until there is a winner. This is probably the most exciting of all kinds of cricket as it takes place in one day.

Are Bonuses Popular in Sri Lanka?

Online sports betting sites have a number of advantages over brick and mortar shops in that the best online bookmakers offer a range of bonuses, especially for new players to a site. Welcome packages always look very attractive, but players need to read the Ts and Cs carefully to see how easy they are to achieve.

These bonuses may include no deposit welcome bonuses or offer free bets to get players started. They may also include deposit bonuses expressed as percentages.

Payment Methods in Sri Lanka

Sri Lankans need to know the best payment options to bet in/from Sri Lanka. As most online sites do not accept Sri Lankan rupees, deposits can be converted to USD, EUR or GBP, but fees will be involved no matter which payment method is chosen. There are quite a few payment options available including bank transfers, credit/debit card payments, a number of e-wallets and bitcoin.

The most popular are MasterCard, Visa, Neteller, Skrill, PayPal, Sticpay, Ecopayz and Paysafe. Bank transfers or credit/debit card payments are completely okay as there are no restrictions to betting online in Sri Lanka, so players need not worry about these transactions showing up on their accounts.

Card transactions are very secure, but withdrawal times are quite long, taking anywhere up to 7 days to withdraw cash after a win. E-wallets are extremely popular in Sri Lanka just like the rest of the world, and they have a number of advantages.

Apart from being widely accepted, e-wallets help to keep players' identities anonymous which could be a very useful thing if the Sri Lankan government were to suddenly change their attitude towards online betting. Bitcoins are also a potential payment option, but not many sites offer this method. Transactions using bitcoins are free and very secure because of the blockchain technology that also keeps a record of all transactions.

History of Betting in Sri Lanka

Betting on horse racing has been a long time favorite pursuit in Sri Lanka and goes as far back as 1840. When Sri Lanka (then called Ceylon) gained their independence from Britain in 1948, the country saw a large increase in betting shops with horse racing and greyhound racing being the top favorites.

However, when Sri Lanka became a republic in 1972, horse race betting was banned as immoral, and punters turned to illegal bookmakers to place bets on British horse racing.

Despite this, in the 1990s, the number of sports betting opportunities increased to include cricket, football and other sports. This was during the civil war when there were no real regulations governing sports betting apart from the amount of tax that would be levied on bookmakers.

Betting Nowadays in Sri Lanka

After the end of the civil war in 2009, the government saw the betting industry as a potential source of revenue through both foreign investment and the tourism it would generate. With these ends in mind, the Sri Lankan government passed a law in 2010 that effectively set up a regulatory framework for betting shops and casinos.

Due to the sparse internet access in Sri Lanka, there have been no attempts to regulate betting online as it is not that widespread at the moment. These lack of restrictions have meant that Sri Lankans have freely played with their favorite, foreign online bookie.

Future of Betting in Sri Lanka

There are no laws governing online sports betting, but it is treated as legal because there are no restrictions. Sri Lankan players who play on offshore bookmakers can do so freely without fear of prosecution. The number of players betting online is increasing.

At the moment about 25% of the Sri Lankan population has internet access, and as this number rises so will the number of players possibly leading the government to issue online licenses. It is very probable that the sports betting industry in Sri Lanka will grow as the government will be able to collect much needed revenue from licensing fees and taxes.

Are Bookmakers Legal in Sri Lanka?

Land-based bookmakers are legal in Sri Lanka as long as they have a government issued license. All land-based betting was made legal in 2010, but this law did not include regulating online betting.

For this reason, there are no legally licensed online bookmakers in Sri Lanka simply because it is not included in the 2010 act. However, Sri Lankans can easily access offshore sites and are not prosecuted for doing so. Bettors at the land-based betting shops need to be 18 years old to play, and any winnings are taxed at a rate of 14 per cent.

Betting Legislation in Sri Lanka

There has been a long history of betting in Sri Lanka, especially on horse racing, and the first legislation was about how much tax should be paid by on-course bookmakers. Another important piece of legislation was passed in 1988 that also dealt with the amount of tax that bookmakers should pay.

This act has been amended 6 times, with each amendment increasing the levy on the betting industry. The real game changer was the 2010 when all forms of land-based betting was made legal and subject to certain regulations. This law, however, did not aim to regulate online betting but in practice it seems to be tolerated by the government.

Betting Acts in Sri Lanka

The first act related to betting was the Betting on Horse Racing Ordinance No. 9, 1930 which levied taxes for on-course betting. This meant that off-course betting was not subject to taxes, but all of that was changed by the Betting and Gaming Levy Act No. 40, 1988 which enabled an annual levy to be placed on all bookmakers and was administered by the Commissioner General of Inland Revenue (CGIR).

Since 1988, 6 amendments have been made to the original act which basically increased the levy due from bookmakers. However, the 2013 amendment made it necessary for bookmakers to register their betting business with the CGIR.

The Casino Business Act of 2010 was aimed primarily at land-based casinos which stated how much tax they should pay and introduced a licensing fee. It also stated that gambling establishments were not allowed in highly populated areas and should not be near schools or temples.

As far as land-based betting shops were concerned, it stated that they needed a license to operate legally in the country. Due to the low level of internet access in the country, online betting was not seen as an issue, and consequently no attempt was made to regulate this market.

FAQs

Is online betting legal in Sri Lanka?

The 2010 act that legalized betting in Sri Lanka did not mention anything to do with online betting. Therefore, there are no regulations or restrictions on this kind of betting. Sri Lankan players are free to bet online and have not been penalized for doing so.

Is it safe to bet online in Sri Lanka?

As always, betting online is totally safe as long as players pick reputable sites that are licensed by recognized licensing authorities. Sites need to be checked carefully before opening an account with the site.

Do I have to pay tax on my online winnings?

No tax is due in Sri Lanka on winnings from an online betting site. This is in contrast to the 15% tax due in land-based establishments.

Will I actually receive my winnings from an online betting site?

Payments will be made if the site played on is licensed by a reputable authority.

How long does it take to receive winnings?

Winnings are usually transferred immediately to a player's account, but it will depend on the chosen payment method as to how fast you receive them into your bank account. Bitcoin takes a few minutes, e-wallets can take a few hours, but credit/debit cards can take up to 7 days.

Most Popular Bookies in Sri Lanka