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

Satbetting
Satbetting

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.

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. 

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