Hello

Your subscription is almost coming to an end. Don’t miss out on the great content on Nation.Africa

Ready to continue your informative journey with us?

Hello

Your premium access has ended, but the best of Nation.Africa is still within reach. Renew now to unlock exclusive stories and in-depth features.

Reclaim your full access. Click below to renew.

Subscribe for a month to get full access

Kenya’s Sh2,800 per second betting market rivals NSE

Satbetting
Satbetting
Profile Photo

By  Kepha Muiruri

Business Reporter

Nation Media Group

Kenyans staked a record Sh88.5 billion through online bets in the full year to June 2023, defying a heavy crackdown on the sector and punitive taxes introduced in the period.

The bets handed the Kenya Revenue Authority (KRA) a major windfall after it collected Sh6.64 billion in excise taxes alone. The amount was paid by gaming firms from the new 7.5 percent tax on waged amounts.

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.

Related

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. 

Read moreHERE.

In the headlines