Cabinet Proposal By FM, Ravi to vest powers in the NLB Regarding Pricing of Lottery Tickets

Finance Minister Ravi  Karunanayake   came under  severe   criticism when  he tried  to  increase the price of lottery tickets in the recent past.   Followed by a  discussion   with the President,    he was  compelled  to revoke the price revision. The  cabinet paper stated,  that the Act that governs the institution is 53 years old and needs to be amended to meet today’s business environment. Although the NLB was the only player in the market until 1988 a number of companies have entered the fray since then.

“The NLB operated only one lottery at its inception but now has added seven more staggered lotteries and two instant lotteries bringing the number to a total of 11 products. In 2015 the NLB recorded a turnover of Rs 17.5 billion,” he said.

The cabinet approved the proposal made by Finance Ministry to draft new legislation governing the National Lotteries Board (NLB) vesting powers in the NLB to make swift changes in lottery prize structures, Cabinet spokesman Minister Gayantha Karunathilake said.