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Betting Firms SportPesa And Betin Kenya Halt Operations In Kenya

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Sportpesa which was Kenya’s largest sports gaming firm, and betting firm Betin Kenya have called it quits and closed shop in the country over the prolonged tax stand-off with the government.

Sportpesa finally called it quits citing inadequate taxation and a hostile regulatory environment. “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…, Until such time that adequate taxation and non-hostile regulatory environment is returned, the SportPesa brand will halt operations in Kenya.” read part of the statement released by the betting firm.

Betin has also sent all staff home after the company failed to come to an agreement with the government over regulatory requirements on license renewal. In an letter dated the 27th September, 2019, the Managing Director of Gamcode Limited trading as Betin Kenya declared all its staff redundant.

This will leave about 2,500 youths out of jobs after the MD said the business environment has been harsh to them seeing the company not operate since July 2019 leaving them no other option.

“Management had to rethink its operational model and to proceed with the exercise of termination on account of redundancy,”

Sportpesa and Betin were among the 27 that had their trading licences revoked by the government.

Kenya Insights had earlier  reported   this as the foreseen outcome after the firms business was paralyzed.

more to follow


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