SportPesa and Betin have thrown in the towel and abandoned their bids to have their licences reinstated in Kenya after lawmakers unexpectedly approved a 20 percent betting excise duty.
SportPesa, which once commanded around 80 percent of Kenya’s then fast-growing gambling market, blamed the country’s “hostile regulatory environment”, which has seen licence renewals rejected, advertising bans introduced, higher taxes implemented and senior level deportations of staff members, for its departure.
“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,” said SportPesa.
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