10 NEW BETTING COMPANIES ENTER THE KENYAN MARKET
10 new entrants are angling for a share of Kenya’s betting billions include:-
- 44bet
- Savvybet
- Tigonbet
- Chapbet
- Betmo
- Play2Net
- Clarity Limited
- Betkali
- Ealotto
- Pepetabet
Kenyans placed a record Sh88.5 billion through online bets in the full year to June 2023.
This means Kenyans placed Sh242 million daily on bets, Sh10.1 million hourly, Sh168,333 every minute or Sh2,806 every second — underscoring how gambling has transformed from a pass time to a full-time economic activity.
Were Kenya’s gambling industry a marketplace, it would rival the Nairobi Securities Exchange (NSE) whose equity turnover last year stood at Sh94.2 billion.
It is estimated Kenyan punters would be able to fully fund the budgets for manufacturing and industrialisation, social protection, governance and justice and sports, culture, recreation and tourism industry and keep some change.
KRA collected Sh6.64 billion in excise taxes from betting in the year ended June, an increase from the Sh5.1 billion raised in the 2021/22 year.
The Finance Act, of 2023 made it compulsory for betting firms to remit excise duty on betting to the KRA within 24 hours upon the close of business day, as the State ups scrutiny on the firms.
