Betting Companies
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Sports betting is likely to be a nice catalyst for casinos and even media companies By Tom Taulli, InvestorPlace Writer & IPO Playbook Editor Jul 3, 2018, 10:01 am EST July 3, 2018.
Sports betting companies in Kenya have been facing some major difficulties this year. Fortunately, members of the country’s parliament are working to keep the sports betting industry alive. MP’s here are calling for these companies’ gaming licenses to be returned.
There are some that feel Kenya’s entire gambling industry may be in trouble of failing. It’s great to see some members of the government work against this. Let’s look at exactly what’s happening here.
Kenya’s Government Cracks Down on Sports Betting Companies
Sports betting has been steadily growing in Kenya for years. The first set of laws to regulate this industry came all the way back in 1966 when the Betting Control and Licensing Board was established. Today, Kenya allows foreign shidli to operate in the country after obtaining a license from the government.
Many of the biggest online gambling companies in Europe now run here. As a result, the popularity of online sports betting in Kenya is surging right now. 11 out of 20 Google searches in the country mention sports gambling.
Kenya’s government recognizes the popularity of sports betting and is now looking to earn their piece of the revenue pie. Unfortunately, the way that they’re cracking down on companies is destroying the industry. The Kenya Revenue Authority is claiming that SportPesa, the top sportsbook in Kenya, owes more than $100 million in unpaid taxes.
That’s not all. The KRA has also suspended the licenses of 27 other sports betting companies in Kenya, claiming they owe a combined $586 million in taxes to the government. Fortunately, MP’s in Kenya are pushing against this crackdown.
MP’s in Kenya Disagree With the KRA
12 members of Kenya’s parliament recently condemned the government’s decision to suspend sports betting licenses. Senator Cleophas Malala claims that this decision has caused thousands of Kenyans to lose their jobs. Malala also believes that the tax payment request is ridiculous.
The prominent senator disagrees with the current tax structure set on the gambling industry. He states that the taxation of gambler’s winnings equates to a tax on their capital. In Kenya, individuals are only taxed based on income. He told the media that forcing these companies to leave the country is a violation of the law, as the companies paid money to gain a license to operate here.
MP Samuel Atandi believes that the majority of sports betting companies in Kenya pay all taxes that are owed. He states that the main issue lies with the government’s decision to tax player’s winnings.
“Most of these betting companies have complied with both corporate and gaming taxes. The problem is with the taxation on winnings,” he said. “KRA has to open negotiations with these companies so that they can agree on an amicable solution to solve this matter.”
It’s great to see these MP’s side with the gambling industry on this one. Unfortunately, the KRA has shown no signs of letting up on its demands. What can we expect to happen here in the future?
Future of Sports Betting in Kenya
The recent government crackdown has crippled Kenya’s gambling market. All legal betting companies here have seen their licenses removed. SportPesa has even stopped sponsoring football teams in the country while it fights the government’s decision.
As you might expect, this is leading to a huge surge in illegal gambling. Many European sports betting websites without a license are available in Kenya. The government earns no revenue from these website’s operations. Lawmakers may realize this and decide it’s time to allow the licensed sports betting companies in Kenya to resume their operations.
With MP’s now fighting against the KRA, this may come sooner than expected. SportPesa and several other gambling companies here are taking this case to Kenya’s High Court. The courts may take the MP’s opinions into account and rule that the massive tax demands for sports betting companies in Kenya are baseless.
There are still many ways that this scenario can play out. Make sure to stay tuned for more updates on the situation over the next few months.
Do you think the legal sports betting companies in Kenya should be given their licenses back? When will the government decide to give up? Let us know in the comments section below!
Please enable JavaScript to view the comments powered by Disqus.- The affected companies allegedly failed to prove they are tax compliant
- Betting control board directed all money transfer service providers to withdraw pay bill numbers of affected firms
- The government said the betting culture had entrapped Kenyan youth thus needed to be contained
The government has made good its threat and suspended licences of at least 27 betting firms from operating in Kenya until they are tax compliant.
In a statement issued on Wednesday, July 10, the Betting Control and Licensing Board boss Liti Wambua also directed all mobile money transfer service providers to withdraw their pay bill numbers used by affected companies.
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Youth follow football match at a betting shop. Photo: Business Daily/Africa.
Source: UGC
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“We wish to inform you that the licenses for the following betting firms were not renewed until they meet the outstanding renewal requirements as well as outcome of ongoing due diligence to determine if they are fit and proper to hold a license from this board. Consequently, we request you to suspend their pay bills and short codes until otherwise advised,' Wambua stated.
Below is the list of affected companies;
1. SportPesa
2. Betin
3. Betway
4. Betpawa
5. Elitebet
6 PremierBet
7. Lucky2u
8. 1xBet
9. MozzartBet
10. Dafabet
11. World Sports Betting
12. Atari Gaming
13. Palms Bet
14. Betboss
15. Kick-Off
16. Millionaire Sports Bet
17. Cheza Cash
18. Betyetu
19. Bungabet
20. Cysabet
Betting Companies In Kenya
21. Saharabet
22. Easibet
23. Easleighbet
24. Sportybet
25. AGB lottery and gaming
26. Atari
27. Kickoff
In his 2019 budget speech, Finance Cabinet Secretary Henry Rotich proposed a 10% excise duty on betting for every amount staked in a bid to curb the negative impacts of gambling in society.
Online Betting Companies
Rotich noted the gambling culture has adverse negative effects on the local youth who needed to be protected from the vice.
Betting Companies
'Betting has become widespread in our society and its expansion has had negative social effects, particularly to the young and vulnerable members of our society. In order to curtail the negative effects arising from betting activities, I propose to introduce excise duty on betting activities at the rate of ten percent of the amount staked,' he told Parliament.
Apart from Rotich's new directive, the 2018 finance law punishes those who have a penchant for betting and lottery and are taxed 35% whereby 20% is deducted from the winnings.
Additional, 15% is remitted by the betting firms.
Publicly Traded Sports Betting Companies
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