SportPesa and Betin close shop in Kenya over tax standoff

[LightYagami]

Betting firms SportPesa and Betin have finally thrown in the towel.
The two firms have stopped operations in Kenya and are set to send home thousands of their employees after a prolonged tax standoff with the Kenyan government.
The betting firms, which control more than 60 percent of the market share in Kenya, said separately they had resorted to take the action after the taxes slapped on the industry made the business no longer viable.
'DAMAGING IMPACT'
SportPesa, which had earlier indicated that it was coming back to business, now says it is disappointed with the decision by the Kenyan legislature to impose a 20 percent 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,” the firm said in a statement.

 

[REDEEMER.]

Wazungu wamefungasha virago kwao, eti wakenya wanasema hii company ni yao 😅

 

[LightYagami]

Wazungu wamefungasha virago kwao, eti wakenya wanasema hii company ni yao 😅

Guess around 50% Kenyan. So majority Kenyan. CEO ni that Karauri dude, the guy na 6% stake. Guess the Kenyans are the majority mate

 

[REDEEMER.]

Guess around 50% Kenyan. So majority Kenyan. CEO ni that Karauri dude, the guy na 6% stake. Guess the Kenyans are the majority mateView attachment 1218076

This Bulgarian company was never Kenyan, most of Kenyans shares are there in just showcasing names that majority of profits will remain in Kenya, in which is false, the whole milked money from poor Kenyans are all redirected to Europe and that's the worst part of these foreign owned betting companies in Africa, they are looters of the highest score.

 

[LightYagami]

This Bulgarian company was never Kenyan, most of Kenyans shares are there in just showcasing names that majority of profits will remain in Kenya, in which is false, the whole milked money from poor Kenyans are all redirected to Europe and that's the worst part of these foreign owned betting companies in Africa, they are looters of the highest score.

Probably true but then again thats an opinion. So we go by the math, almost 50% of the shareholders are kenyans

 

[LightYagami]

This Bulgarian company was never Kenyan, most of Kenyans shares are there in just showcasing names that majority of profits will remain in Kenya, in which is false, the whole milked money from poor Kenyans are all redirected to Europe and that's the worst part of these foreign owned betting companies in Africa, they are looters of the highest score.

Betin was the foreign one, ilikuwa mostly owned na Italians I guess. But hakuna kitu cha maana government imefanya, the gap left imeshajazwa na other companies. Naona Betika Kenya jackpot yao ni KES 100 million na unabet na KES 49. That means most gamblers wamehamia huko

 

[REDEEMER.]

Probably true but then again thats an opinion. So we go by the math, almost 50% of the shareholders are kenyans

Put your eyes on those Kenyans after this closure if they gonna be anything to the future of sport pesa if it gonna revive anywhere.

 

[REDEEMER.]

Betin was the foreign one, ilikuwa mostly owned na Italians I guess. But hakuna kitu cha maana government imefanya, the gap left imeshajazwa na other companies. Naona Betika Kenya jackpot yao ni KES 100 million na unabet na KES 49. That means most gamblers wamehamia huko

Our governments should ban all these looters, in Tanzania there's popular *Tatu Mzuka* and *Biko* which I guess are owed by the black Tanzanians though there is array of other betting companies, am not pleasant for them because I know their consequences economically especially if have foreign ownership

 

[Mkikuyu- Akili timamu]

Kenya premier league kwisha, Boxing kwisha.
Kenyatta hajielewi

 

[BlietzKrieg]

Betika wameamka na luck,,,
Soon jackpot yao itahit ksh,300m

 

[Smart911]

Pole yao...


Cc: mahondaw

 

[Muria]

Our governments should ban all these looters, in Tanzania there's popular *Tatu Mzuka* and *Biko* which I guess are owed by the black Tanzanians though there is array of other betting companies, am not pleasant for them because I know their consequences economically especially if have foreign ownership

Both Tatu Mzuka & Biko are owned by foreigners... 🤷🏾‍♂️