Reading Time: 1 minute
Online betting firm SportPesa has halted its operations in Kenya due to a drastic hike in taxes on betting stakes. The parliament voted an amended proposal raising the excise duty on the amount wagered to 20% from an initial 10%.
SportPesa said it was “disappointed” by the move and that it would stop its operations until a “non-hostile regulatory environment” returned.
Online sports betting companies have grown rapidly in the East African nation in recent years. The gaming industry achieved a combined revenue of 204 billion shillings (£1.63 billion) last year. That sparked government concern about the social impact of betting.
In May, Kenya introduced new gambling regulations, including a ban on advertising outdoors and on social media.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: SportPesa Halts its Operations in Kenya due to Tax Hike
