In a bold play to ease the national fiscus, the regulator pledges to halve state funding this year and pay back a decade of subventions.
The Gambling Authority has pledged to slash its reliance on government funding by 50 percent in the current financial year, marking the start of a decisive push toward financial self-sufficiency.
Appearing before the parliamentary committee recently, the Authority’s acting CEO said the move reflects a long-term plan to wean the regulator off the state purse. Since its inception 10 years ago, the Authority has depended on government subvention to fund operations.
“Management and the newly appointed board are working round the clock to ensure the Authority is totally weaned off government money before March 2028,” the CEO told MPs. “This is borne of deliberate planning and the desire to grow the industry to its full potential, while releasing money for other government priorities.”
The CEO added that the Authority is projecting to start paying dividends to government on a yearly basis within the next 2 years. He also revealed plans to fully reimburse all funds invested by government into the Authority over the past decade.
The commitment comes at a time when the national fiscus is under pressure. An industry observer noted that with the diamond market currently in a downturn, pronouncements like those from the Gambling Authority are timely and welcome. Reduced subvention to state entities would free up resources for other critical areas.
The Authority said growing gaming revenue, tightening operational costs, and expanding licensing compliance are key to hitting the 50 percent reduction target this year and achieving full independence by 2028.
