-A new gambling Report shows Kenyans staked KSh 2,800 Per Second in the year ending july 2023
-KRA collected KSh 6.64 billion in excise taxes alone from the new 7.5 percent tax on waged amounts
A new report shows Kenyans gamble KSh 242 million each day, KSh 10.1 million per hour, KSh 168,333 per minute, and KSh 2,806 per second.
This underscores the fact that gambling has transformed from a pastime to a full-time economic activity.
The data also shows Kenyans staked a record KSh 88.5 billion through online bets in the full year ending June 2023.
If Kenya’s gaming sector were a market, it would compete with the Nairobi Securities Exchange (NSE), Nation reported.
The bourse’s equity turnover stood at KSh 94.2 billion in 2017.
According to data from the Betting Control and Licencing Board (BCLB), bookies made KSh16.3 billion in revenue in the fiscal year that ended in June 2022, while casinos made KSh 6.4 billion.
These conservative estimates represent gross gaming revenues after winnings are taken into account.
Kenya already has some of the highest tax rates on gambling, and it appears that these rates are increasing year by year.
For example, gaming companies are required to withhold 20% of the earnings paid out to gamblers.
Additionally, the taxman collects a 15% tax levied on the companies’ gross gaming income.
The taxes are added to annual licence fees and compliance fees, which vary depending on the nature or size of the gambling operation.
Gaming companies must still pay income tax at the standard rate of 16 percent.
In addition, urban males between the ages of 18 and 36 have the highest gambling prevalence.
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Youth aged 18 to 25 were more inclined to place bets than anyone in any other age group.
The gambling report also found that the majority of gamblers had education beyond secondary school.
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