Techme101.com

Sri Lanka has increased its casino entrance and gross collection levies for 2026, issuing a formal notice to operators and businesses.
A formal notice from the Inland Revenue Department to casino operators and betting and gaming businesses in Sri Lanka on December 31 shows that the casino entrance levy and gross collection levy will increase in 2026. This is put into place by amendments made to the Betting and Gaming Levy Act of 1988 in the Betting and Gaming Levy (Amendment) Act of 2025.
The casino entrance levy (CEL) has increased from $50 to $100, while the gross collection levy has been raised from 15% to 18%.
“Every person who carries on the business of gaming in Sri Lanka, shall collect CEL of United States Dollars one hundred or its equivalent in any other convertible foreign currency or in Sri Lanka currency from Sri Lankan Citizen who enters into such place of business of gaming, with effect from January 01, 2026,” reads the notice. “Gross collection levy rate has been increased to eighteen per centum with effect from January 01, 2026 on the gross collection from the business of bookmaker or business of gaming, if such gross collection exceeds Rs. 1 million per month.”
Sri Lanka’s evolving gambling sector
The second half of 2025 was a period of change for Sri Lanka’s gambling sector, with the president, Anura Kumara Dissanayake, starting the process of reforming the regulatory framework in the country in June. From December 1, the Gambling Regulatory Authority was given the responsibility of overseeing all gaming operations, becoming “the sole independent regulator with a broad and overarching scope on operations in the gambling industry”.
President Dissanayake’s election platform was centered on ridding the country of corruption and organized crime, with tackling illegal gambling methods prime among those goals. His gambling reform bill had already gained Attorney General approval, as well as that of his cabinet while in its draft bill form back in February 2025.
Featured image: Wikimedia Commons, licensed under CC BY 3.0
The post Sri Lanka increases casino entrance and gross collection levies for 2026 appeared first on ReadWrite.

More assets belonging to Chinese-Cambodian businessman Chen Zhi have reportedly been seized in the wake of an investigation into gambling fraud, money laundering and ‘pig butchering’ scams.
According to the South China Morning Post, Hong Kong Police has frozen HKD 2.75 billion ($353 million) in assets, including cash, stocks and funds, after investigations linked the previously sanctioned Chinese-Cambodian businessman Chen Zhi to a network of entities in the country. This latest round of allegations has also triggered regulatory measures and the resignation of a number of auditors and directors from his firms.

US-sanctioned Chen Zhi’s Hong Kong firms rocked by resignations and frozen assets
Police freeze HK$2.75 billion in assets tied to tycoon amid investigations into alleged telecoms fraud, money laundering and “pig butchering” scamshttps://t.co/0V6mHMd56E pic.twitter.com/izOkdEph8y
— Bien Perez (@BienPerez) January 4, 2026

The assets are believed to have been generated from criminal activities throughout his alleged fraud and money‑laundering network. This comes after an international partnership of intelligence agencies united to take Chen down in October 2025, before Hong Kong and Singaporean authorities seized a first wave of assets back in November.
The allegations laid against Chen and the Prince Group by the US Department of the Treasury include running a criminal enterprise through online investment scams, such as “pig butchering”, human trafficking, torture, money laundering, and illegal online gambling.
Businesses distance themselves as investigations continue
Since then, businesses associated with Chen have distanced themselves, with Geotech Holdings highlighting in mid‑October that Chen had no role in the group. Geotech’s auditor Grand Thornton resigned in effect from November 21, however, citing US sanctions against Chen, while the company’s director, Lok Kar-kin resigned as of October 27.
Similarly, Khoon Group also stated that no directors were involved, while also seeing a number of resignations in effect from November 4, including its chairman and CEO. RSM Hong Kong did not seek to return as an auditor to Khoon Group, once again citing sanctions against Chen.
These resignations and moves suggest efforts from these companies to distance themselves from companies associated with Chen as the investigations continue, perhaps in an attempt to avoid closer scrutiny or reputational damage.

Featured image: Prince Holding Group

The post Hong Kong police freezes $353M in assets from Chinese businessmen Chen Zhi appeared first on ReadWrite.

A new US tax law could change the gambling experience for Americans in 2026, with President Donald Trump’s One Big Beautiful Bill Act (OBBBA) could see take-home winnings reduced.
Do you have to pay tax on gambling winnings in the US?
Where previously bettors could deduct all of their losses from their total winnings when calculating their taxable income, the provision would mean that only an amount equal to 90% of losses can now be deducted. That could see betters lose money when it comes to the tax season.
For example, someone who has won $10,000 in bets but also experienced $10,000 in losses would still have to pay taxes on $1,000 of what they took home. This would see them worse off than when they began. It’s estimated that the law change could raise $1 billion in funds for the US government, according to estimates from the Joint Committee on Taxation.
US gamblers will need to be luckier in order to come out on top overall, as the new tax law comes into place.
Attempts are already underway to reverse the change
The change has faced pushback from gambling groups across the US, with Representative Dina Titus in Nevada introducing the FAIR Bet Act last year in an attempt to reverse the change to gambling deductions and bring it back to 100%.

Earlier this year, the Big, BS Budget Bill changed how gambling losses are taxed by capping the deduction at 90%. That means some gamblers will owe taxes on money they never actually earned when they file starting in 2027.
But we still have time to fix this. As long as we… https://t.co/UrtRQCHp0a
— Dina Titus (@repdinatitus) December 29, 2025

“It pushes people into the black market if they don’t do regulated gaming, because they have a tax disadvantage, and the black market doesn’t pay taxes, isn’t regulated, doesn’t help with problem gaming,” the Democrat said at the time. “So it’s bad for the industry as well as for the player.”
Titus went on to criticize other parts of the bill beyond gambling, arguing that it was “bad enough for my constituents” in various other areas as well. In December 2025, she pushed for a committee to help the FAIR Bet Act progress further.
New state gambling laws in 2026
As well as these changes at a federal level, several states are also introducing new laws at state level. That includes a widespread crackdown on sweepstakes casinos using dual currencies, with New York banning promoting sweepstakes gambling, New Jersey banning such games altogether, California’s ban starting on January 1, and Indiana launching its first hearings after banning sweepstakes last year.
Michigan, Connecticut and Montana are also considering legislation that would affect prediction markets. Indeed, states across the country were reviewing legislation related to prediction markets that could carry through into 2026.
Featured image: Flickr, licensed under CC BY-SA 2.0
The post New state and federal gambling laws in the US could affect betting income in 2026 appeared first on ReadWrite.

Concerns around insider war trading are being raised after a Polymarket bet on the Venezuelan President Nicolas Maduro results in a $400,000 cashout.
As pointed out by investor and podcaster Joe Pompliano on X, a brand-new Polymarket account invested more than $30,000 on January 2 in a bet that Maduro would leave power in Venezuela by January 31, 2026. Shortly after, the US then took him into custody that very night, meaning the trader made over $400,000 in less than 24 hours.
“Insider trading is not only allowed on prediction markets; it’s encouraged,” wrote Pompliano.

A newly created Polymarket account invested over $30,000 yesterday in Maduro’s exit. The US then took Maduro into custody overnight, and the trader profited $400,000 in less than 24 hours. Insider trading is not only allowed on prediction markets; it’s encouraged. https://t.co/EtZyW1IWTa pic.twitter.com/MzsU9kOU73
— Joe Pompliano (@JoePompliano) January 3, 2026

While there’s no evidence that the anonymous account is connected to someone with insider information about the planned move from American forces, it raises concerns about the lack of restrictions around insider trading on prediction markets. This legal gap could soon be plugged, with New York Congressman Ritchie Torres introducing the Public Integrity in Financial Prediction Markets Act of 2026, as reported by Punch Bowl News’ Jake Sherman.
A legal loophole that needs regulation
This bill seeks to block federal elected officials, political appointees, and Executive Branch employees from taking part in certain prediction market transactions that involve bets where they either possess insider information relevant to the outcome or could reasonably obtain such information through their official roles. The restriction would apply to buying, selling, or exchanging prediction market contracts related to government policy, government action, or political outcomes.
We’ve already seen examples of how prediction markets could be abused when it comes to people in positions of power or with insider information, although on a smaller scale, when Coinbase CEO Brian Armstrong showed how business leaders could feasibly profit from contracts on their actions. Naturally, this potential becomes still more concerning when the stakes concern global politics, rather than business outcomes.
ReadWrite has reached out to Polymarket for comment.
Featured image: Flickr, licensed under CC BY-NC 2.0
The post Polymarket Maduro bet resulting in $400,000 cashout sparks concerns of insider trading appeared first on ReadWrite.

After the Scotts Valley Band of Pomo Indians decided to move ahead with a temporary casino in Vallejo despite legal obstacles, a Yocha Dehe Wintun Nation spokesperson responded to the move.
Plans by the Scotts Valley Band of Pomo Indians to open a casino in the city of Vallejo were met with opposition in March 2025, when the Yocha Dehe Wintun Nation and the Kletsel Dehe Nation filed a joint lawsuit blocking the move. They argued that the land sits on Patwin ancestral territory and that the Bureau of Indian Affairs should have properly consulted them before moving ahead with the plans.
The conflict continues
That didn’t stop the Scotts Valley Band from moving forward with the plans once again at the end of last year, with a possible opening date as soon as this month. A spokesperson from the Yocha Dehe Wintun Nation told ReadWrite that the decision is “deeply hurtful” and a “short-term cash grab”.
“Despite repeatedly telling the City of Vallejo and the public that it was moving forward with a government center, Scotts Valley has decided to blatantly ignore warnings from both the Department of the Interior and the court and move forward with a ‘preview casino’ while its gaming eligibility is under review by the federal government,” said Chairman Anthony Roberts.
“The City of Vallejo would be ill-served to provide scarce city services to facilitate this irresponsible development that may be defunct in only a months’ time.
“Beyond the legal uncertainty, this move is deeply hurtful to Patwin people, who have deep ancestral and cultural ties to this land. It treats our history, our sovereignty, and our lived connection to this place as an obstacle to be brushed aside for a short-term cash grab.”
According to the Times-Herald, Scotts Valley Chairman Shawn Davis said: “We are moving forward despite the misleading opposition from a small handful of greedy casino operators led by Cache Creek.”
The temporary casino would be in place until the US Department of the Interior reviews its earlier approval of the project, which was issued on January 10, 2025. It’s unclear how long this process could take.
Featured image: Canva / Yocha Dehe Wintun Nation
The post Yocha Dehe Wintun Nation calls temporary Vallejo casino ‘deeply hurtful to Patwin people’ appeared first on ReadWrite.