Betting firms operating in the Country
Kenya has seen a recent surge in the number of betting firms operating in the country. In the past year alone, ten new firms have been licensed to operate, bringing the total number of legal betting firms in Kenya to 71. This boom in the betting industry is expected to have a significant impact on the Kenyan economy, as betting firms are a major source of revenue for the government.
A List of Newly Licensed Betting Firms
The ten new betting firms that have been licensed to operate in Kenya are:
- 44bet
- Savvybet
- Tigonbet
- Chapbet
- Betmo
- Play2Net
- Clarity Limited
- Betkali
- Ealotto
- Betika
- SportPesa
These firms are all expected to make significant contributions to the country’s tax revenue and some of these companies are already established in the industry and are expected to continue their success in Kenya.
Benefits of Betting Firms to Kenya
Firstly, betting firms are a major source of revenue for the government. However, the betting industry provides a number of benefits to the Kenyan economy. In 2019, betting firms paid over Ksh20 billion (US$200 million) in taxes to the Kenyan government. This revenue will directly support crucial government initiatives like education and healthcare, fostering a brighter future for all.
Secondly, the betting industry creates jobs. As a result, betting firms employ a large number of people, both directly and indirectly. Betting firms need to hire a variety of staff, for example, customer service representatives, marketing professionals, and IT staff.
Lastly, the betting industry promotes economic growth at this point. Betting firms stimulate economic activity by investing in advertising, infrastructure and sponsorships.
Negative Impacts of Betting
The betting industry provides some benefits to Kenya; however, there are also concerns about the potential negative impacts including:
- Firstly, Addiction: Betting can be addictive, and there is a risk that people will develop a problem with gambling. This can lead to financial ruin, relationship problems, and even suicide.
- Lastly: In addition to financial woes, gambling-related harm extends to other areas of life, such as crime, violence and mental health problems.
Below online sources for more information about Kenyan betting habits:
- Geopoll: https://www.geopoll.com/blog/kenya-establishment-survey-2022-report/
- Betting Control and Licensing Board (BCLB): https://bclb.go.ke/
- International Centre for Policy Studies (ICPS): https://icpsk.com/index.php
- Kenyatta University: https://www.ku.ac.ke/
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