Advanced Search. International edition. February 11, Sports Betting. The market has been particularly affected because few in the region bet online. Africa - sports betting - coronavirus. Related news. Kenya casinos and betting shops closed to curb coronavirus spread. Kenya: two top sports betting firms shut down due to tax hike. Uganda government to nationalize sports betting. Leave your comment.
Newsletter Subscription. Subscribe to receive the latest news and updates. Enter a valid email. The email is already registered. Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding Venture Capital, Debt financing, private equity, angel investing etc , taxation, strategies, etc. He is well versed on issues of ESG sustainability , media and entertainment law, corporate finance and governance.
He is also an award-winning writer. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Afrikan Heroes uplifting and inspiring African startups. November 3, Why The Frustrations? The government in Nairobi hiked gambling tax rates from 10 to 20 percent. Ronald Karauri welcomed the ruling, suggesting that it may prompt it to reconsider its withdrawal from the Kenyan market.
Although the Kenyan High Court initially blocked collection of the tax, the Kenyan Revenue Authority and Betting Control and Licensing Board agreed on 1 July to withdraw the licences of 27 companies who failed to pay the levy, including SportPesa and Betin.
A SportPesa spokesperson told iGamingBusiness. In response, SportPesa that it would not operate in the country until the rate was changed, and laid of f its Kenya-based employees. Charles Rapulu Udoh Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding Venture Capital, Debt financing, private equity, angel investing etc , taxation, strategies, etc.
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Their late Kenyan business partner Dick Wathika, a former MP and Nairobi mayor, also held 21 percent — a stake which passed to his widow Asenath Wachera Maina after his death in Each of these shareholders has pocketed as much as Sh1. SportPesa paid its directors Sh Perhaps in belated recognition of this imbalance, the generous executive pay packages were cut back in the following year and had fallen to 11 percent of the total wage bill in It is therefore likely that, in addition to fat cat directors, SportPesa also hired a number of extremely well paid staff as the projected wage bill averages out at more than Sh3 million per employee.
As betting income soared, SportPesa could afford to be generous with its punters, too. Betting companies typically pay the majority of bets back to punters as winnings. SportPesa is no different. Pevans steadily increased its winnings payouts as a percentage of bets placed, from 77 percent in to 88 percent in The same data shows that punters staked an average of Sh with SportPesa on each bet, slightly above the industry average of Sh These top-line figures have puzzled analysts, who wonder whether wananchi really had this sort of money to throw at bets with a single company.
The population census shows that there are around 25 million Kenyans over the legal gambling age of That is how big those Sportpesa numbers are. The economist said that available data from the Central Bank of Kenya report shows that only 1. One might expect a betting company whose GGR was growing by 20 percent year-on-year to be more profitable and to pay more tax on those profits.
By Lionel Faull, the chief reporter for Finance Uncovered. This article was developed with the support of the Money Trail Project www. Watch the video that has shaken the Kenyan community in US, Judge shocked at Kenyan woman secret burial. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Connect with us.
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