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Everton FC sponsor SportPesa suspends gambling operations in Kenya

By Bill Wilson Business reporter, BBC News
 
Everton football club's main sponsor, sports betting firm SportPesa, has halted operations in Kenya after a rise in tax on betting stakes.

It comes amid worries about the effects of gambling in the African nation. Online sports gambling firms such as SportPesa have grown rapidly in the East African nation in recent years, riding a wave of betting interest. The Kenyan government says the betting industry generated revenues of 204bn shillings (£1.6bn; $2bn) last year.

'Severe consequences'

The gambling boom is being fed by faster internet, cheaper phones and a love of the English Premier League. But there is a fear that adults and children are being sucked into a cycle of betting, debt and poverty.

One government minister has called this "a curse on youth", and in May the country introduced new gambling regulations, including a ban on advertising outdoors and on social media.
Parliament has now voted to raise the excise duty on bets, from 10% to 20%.

SportPesa said it was "disappointed" by the move and that it would stop its operations until a "non-hostile regulatory environment" returned. The firm has deactivated its website. It said the new tax comes on top of an existing 20% tax on individual gamblers' winnings.

"This will have severe consequences for licensed betting companies, which dutifully pay their taxes and ultimately will lead to a decline in government tax revenue to near zero and will halt all investments in sports in Kenya," the firm said.
"Until such time that adequate taxation and non-hostile regulatory environment is returned, the SportPesa brand will halt operations in Kenya."

SportPesa was founded in Nairobi by Kenyans backed by Bulgarian investors. As well as Everton it has also had partnerships with English clubs Arsenal, Southampton and Hull City.

 

Comments

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