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Government actions to clamp down on gambling in Kenya has seen the betting industry realize falling profits following the crackdown, with Betin Kenya and SportPesa suffering the biggest blows. According to the Betting Control and Licensing Board, the industry has experienced a significant decline in revenue, with the total amount wagered in the first quarter of 2022 falling by Ksh 240 billion from the previous year to Ksh 150 billion.
The betting industry has been struggling with regulatory issues and high taxes, which have contributed to the decline in revenue. In particular, the government’s decision to impose a 20% tax on all betting stakes has been a major challenge for the industry, making it difficult for companies to operate profitably. Some industry experts believe that the industry may never fully recover from the crackdown, and that many betting companies may not survive in the long run.
Read: Betting – A Remedy To Unemployment Or A Death Trap?
Despite these challenges, some betting operators have managed to adapt to the changing environment by diversifying their offerings and exploring new markets. For example, some companies have shifted their focus to online gaming, while others have entered new markets such as sports sponsorship and advertising. However, the long-term viability of these strategies remains to be seen, and it is likely that many companies will continue to struggle in the coming years.
As a result, the future of Kenya’s betting industry is uncertain, and the government will need to take a more nuanced approach to regulation if it hopes to support the growth of the industry in the long run. While the crackdown on major operators may have been necessary to address issues such as money laundering and problem gambling, it is also important to recognize the important role that the industry has played in creating jobs and generating revenue for the Kenyan economy.
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