Over 2,500 people who depend directly on Kenya’s betting industry will be jobless in the coming days after two of the most prominent sports betting firms in the country have announced their exit. The firms – SportPesa and Betin – have halted their operations in the eastern African nation after a longstanding tax dispute with the government. Both companies are said to control more than 60 percent of the market share in Kenya. The betting companies blamed their exit on the government’s decision to impose heavy taxes on the industry which, according to them, made the business no longer viable. Recent reports show that the Kenyan legislature recently imposed a 20 percent excise tax on all betting stakes, much to the displeasure of SportPesa.
SOURCE: VENTURES AFRICA