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Saturday, September 28, 2019

SportPesa Closes Operations In Kenya

    September 28, 2019   No comments

Sportpesa Closes Kenya Operations

The biggest betting company in Africa has closed Kenyan operations due to unfavorably business environment created by the Kenyan government.

Kenya imposed a 20 percent tax on all stakes on all betting companies a few months ago. Sportpesa on their side feel it's not okay for both the betting individuals and investors as well.
Here is the Statement by the betting giant Released Saturday;

SportPesa Statement on Halting Operations In Kenya

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.

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

For individuals with money in their sportpesa betting accounts, kindly contact the company for further directives.

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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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