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Kenyans Are Betting Ksh 2,800 Per Second

BY Juma · August 30, 2023 02:08 pm

Kenyans bet at least 88.5 billion shillings for the first 6 months of this year. This shows how millions of Kenyans have turned to betting as the only hope to make a living.

With these stats, means Kenyans are betting at least 2,800 shillings per second, and about 14 billion shillings per month. Betting has now become more lucrative than the Nairobi Securities Exchange (NSE).

This also means that Kenyans placed 242 million shillings daily on bets, 10.1 million shillings hourly, 168,333 shillings every minute, or 2,806 shillings every second.

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It is estimated that at least 60 percent of Kenyans bet in one form or another. All the betting companies in Kenya have betting apps with millions of Kenyans on it.

Some betting firms like SportPesa have set the minimum stake at 10 shillings for normal bets, and 99 shillings for jackpots. SportPesa jackpot is now more than 319 million shillings.

Others like Betika have set their minimum stake to as low as one shilling and at least 15 shillings for their Jackpots.

Read Also: Exploring The World Of eSports And Its Impact On Sports Betting

Revenue collection in the betting and gaming sector has registered a significant growth after Kenya Revenue Authority (KRA) collected over KShs 15.100 Billion from Excise on Betting and Withholding Tax on Winnings from the betting sector.

The revenue collection reflects a growth of 23.9% from the tax heads, compared to the same period in the financial year 2021/2022.

Excise Duty on Betting registered an exceptional performance of 116.2% after KRA collected 6.640 Billion shillings from the sector. The collection was against a target of 5.715 Billion shillings, which reflects a surplus collection of 925 Million shillings from the tax head. The increase in Excise duty on betting reflects a growth of 30.0% compared to the same period in FY 2021/2022.

Read Also: Betting Sector Records 30% Revenue Growth As KRA Interlinks Firms To Tax System

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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