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SportPesa and Betin Officially Closes Shops in Kenya

Majira M
Following a long Standoff with the government over taxation. The largest betting company SportPesa has closed its shops in Kenya. The announcement not only came from SportPesa but Betin also announced its plan to lay off all of its employees by 30th October.
The two betting companies were among the 27 betting firms that saw their licences suspended by the government of Kenya over taxation.
SportPesa has sited hostile environment and misunderstanding by the Rotich led treasury over their woes.
On the other hand a memo from Betin Read’“This has been occasioned by the fact that we have not been operational since July 2019 a fact we are all aware of. Management has had several extensive meeting with relevant government entities regarding the company’s license renewal without much success,” read the memo.
In their Statement SportPesa hopes to return back to the Kenyan market if a conducive environment will be will be created . Their sites has since been close and a statement below published.

“SportPesa is disappointed with the decision by the Kenyan legislature to impose a 20% excise tax on all betting stakes.

The tax is based on a fundamental misunderstanding by the Rotich led treasury of how revenue generation works in the bookmaker industry. This decision will have a damaging impact on both customers and treasury. Further compounded by the currently in-effect 20% Withholding Tax on Winnings, the economic incentive to place bets will be completely removed as the taxes will deprive consumers of their total winnings. This will have severe consequences for licensed betting companies, which dutifully pay their taxes and ultimately will lead to a decline in government tax revenue to near zero and will halt all investments in sports in Kenya.

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Until such time that adequate taxation and non-hostile regulatory environment is returned, the SportPesa brand will halt operations in Kenya.” Reads The statement

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Majira M

Keeping you in the loop. I write to share information that matter. From technology to business tips, I share information to inspire and educate

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