Many Kenyans have resorted to betting to make a living thanks to the fact that the nation is suffering from a high unemployment rate, high inflation rate, and job cuts. No one wants to stay in whatever poor state they are in, and as long as there is a means, people will dream big.
Currently, betting is one of the most accessible means there is to earn money quickly. Even though betting has its risks, the allure of instantly winning big with one lucky bet can attract anyone who’s dreaming of getting out of poverty quickly.
Because betting isn’t illegal as long as companies that are offering such services are licensed, there is virtually no reason why people should avoid placing bets unless they don’t want to risk losing their money. Kenyans were also once able to bet online with no worries as the regulations then were lax, but now there are stricter ones in place to try and curb the betting craze in the country.
Kenyans, Ordinary Citizens, and Bettors
The new betting regulations in Kenya, the Kenya Gaming Act 2019, are seen to deal a significant blow on bettors since it increased the minimum betting amount of KES 20 to KES 50, limited access to foreign betting sites to ensure that the nation will benefit from the proceeds, and taxed gambling advertisements to curb the industry’s visibility to Kenyans.
The new betting regulations will effectively limit the average Kenyan’s ability to bet and the selection of available sports books to place a bet on. The move was made to try and tame the betting craze in the nation, especially among the youth, as there have already been cases of young Kenyans borrowing money to fuel their betting addiction and failing to pay them afterward.
The number of bettors may be cut as the price for betting becomes less affordable. Still, it will hopefully reduce the negative mindset on the industry, especially since some young sports bettors impulsively place risky bets that result in significant losses that can lead to cases of suicides. Seasoned bettors, especially sport bettors, won’t likely be affected since they probably already know how they can bet wisely and strategically without allowing themselves to get addicted to the point of borrowing money to engage in it.
Kenyans who cannot control themselves from their unhealthy betting habits can be deterred by the cost to bet while also having limited options on where to bet, especially if they don’t know about other betting sites to place their bets on. If anyone opts to join in the industry, then they will likely consider becoming more strategic when betting.
The Kenya Gaming Act 2019 also states that companies will have to allow Kenyans to own up to 30% of all external betting firms operating in the nation. The new regulations can also potentially open up new jobs.
Regulating sports betting further to try and curb the betting craze will generate tax revenues that will allow the nation to earn from the addicting industry. Advertisements will be taxed, and companies that wish to continue to offer betting services will have to pay the taxes associated with their ads to ensure that they will remain visible.
Regulation is necessary since many betting firms in Kenya have not been remitting their taxes for quite some time now, and these firms are the ones that have been the cause of the rampant betting addiction among the youth.
The taxes generated from the industry can fund whatever deficits Kenya is facing and potentially improve the lives of more Kenyans in the nation.
A well-regulated betting industry can also open up employment opportunities for Kenyans and provide a broader economic impact for the country. As land-based casinos become licensed and regulated, more people will likely engage with other nearby businesses, especially after they win big.
The new betting regulations in Kenya may seem to affect the industry negatively. Still, one should not forget that the main reason why it was put into place is to try and curb the addiction among the youth and to generate income that can allow the nation to have more sources of revenue.
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