It seems the government has succeeded in killing gambling in Kenya. Over the past 2 months more than 10 million Kenyans have quit gambling, it’s only a handful of gamblers who are sticking around. There are a total of 20 million gamblers in Kenya.
The government scored big when they introduced the tax on 20% winnings. However, the tax is not the major issue, the concern of many gamblers is how the tax is calculated. One of my friends placed a bet of Ksh 10,000 last week for a game which had 1.2 odds, he won Ksh 12,000 but his account was credited with Ksh9,600, which translates to a loss of Ksh400.He stopped gambling from that day.
We closely monitor the dashboards of many betting firms in Kenya and we can confidently say that more than 10 million gamblers stopped betting the moment betting sites implemented the 20% tax. Most of them found it unnecessary to gamble only for the government to take your profit.
The situation was worsened when Sportpesa declared that they have quit the Kenyan market. The announcement was the last nail in the gamblers coffins. Sportpesa and Betin were the most attractive betting firms which the government was targeting, they finally bowed out. Since most of the gambling sites in the country won’t be trusted, punters resolved to do other ventures than seek wealth in gambling. We foresee worst situations in future where betting firms will be struggling to remain afloat, and if the remaining firms won’t be innovative, gambling will be completely dead in the country.
Initially, the government wanted betting firms to pay 35% tax on their profits but they rejected the idea, which resulted to the split of tax burden between gamblers and betting firms. None of the bookmakers foresaw what is currently happening. If they had accepted to take the entire tax burden, then it could be easier for them to retain their customers.
The only way betting firms will survive is to take the entire tax burden to prevent gamblers from being taxed. Another strategy is to boost the winnings by 20% to cover the tax burden.
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