Gamblers will now lose a good amount of money for winning cash on gamblingsites.
This follows a recent direction by the regulator to have 20 per cent cut from the winning stakes.
This means that if you stake Sh1,00 for and win an odd
of 1.20 you will definately take home less than the thousand you staked. This is the calculation:
Assuming that Arsenal are playing Fulham at home and have an odd of 1.20 for a win and your pre-match confidence motivates you to stake Sh1,000. That means you will get Sh1,000*1.20 which is Sh1,200. But then the government must have a share of 20 per cent deducted from your total winnings.
This means Sh240 shall be deducted from your Sh1,200 thus, taking home Sh960 in a business that you invested Sh1,000.
Hi George, With the recent directive from KRA and being a compliant to the law and regulations of the country,we have implemented the deduction of 20% tax on total possible win.Kindly bear with us as we continue to engage with stakeholders to seek legal definition of winning.— Betika (@betikaKe) August 8, 2019
Betting company Betika, has come under fire for effecting the changes with Twitter bashing the brand.
Initially, gamblers could withdraw their entire returns without paying any tax.
The move is seen as a strategy by the government to discourage gambling in Kenya.
However, gamblers who stake high and select bigger odds will still make a profit