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Betsafe Exits Kenyan Betting Market Over High Taxes

Betsafe Exits Kenyan Betting Market Over High Taxes

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Betting company Betsafe has announced its exit from the Kenyan market amid heavy taxation.

In an email, the firm confirmed to Capital Business that it had ceased its operations as of yesterday.

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”The message is genuine,” the firm confirmed to Capital Business from a message alert shared with users.

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It also informed customers that they would be refunded their outstanding balances within 7 days.

”Your outstanding player balances will be refunded via M-Pesa to your registered number within 7 days,” read the message.

Betsafe is the latest punter service provider to abandon Kenya, which includes big players who also wind up their Kenyan operations owing to the unsustainable tax regime.

Last year, for instance, Betin and Betway exited the country.

The Betting Control and Licensing Board (BCLB) had in August last year rolled out 15 percent proposals on all betting companies gambling revenue, a factor that further. 

Betting taxes collected by the Kenya Revenue Authority (KRA) from betting firms grew 30 percent to Sh15.1 billion in the last financial year owing to the taxman’s stricter deductions from betting firms.

Source: Pulse Sport 

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