The Kenyan government is trying to crack down on gambling by imposing higher taxes both on the companies and those who are gambling.
People in the country continue to bet despite this and Safaricom, the Kenya Revenue Authority (KRA) and other firms are scoring big time.
Safaricom’s revenue from betting rose by 40 percent to Sh5.98-billion ($50.7-million) last year, placing it higher among other firms that are listed on the Nairobi Securities Exchange (NSE).
The telco company relies heavily on business lines like data and M-Pesa to compensate for its stagnant revenues from mobile calls amid a saturated market, as per Business Daily.
Betting in the country, according to reports, is most popular among employed or unemployed youth who find the activity thrilling besides seeing it as an opportunity to make quick cash.
Betting is now the second-largest business line by the revenue under M-Pesa’s business payments after business-to-consumer (B2C), which generated sales of Sh11.4-billion ($98.2-billion) in the year since March 2022.