Kenyan gamblers staked a whooping Ksh620.97 billion between 2018 to 2022.
The stake placed Kenya third in Africa’s betting market behind Nigeria and South Africa.
According to a report tabled in parliament, they money spent on betting have made the country enter Africa’s top punters list with market value of close to Ksh200 billion.
The market is majorly dominated by young Kenyans are looking to earn quick money.
Currently, Kenya has the highest percentage of young gamblers in Africa at 76 percent and who on average spend more to bet compared to their peers across the continent, as the craze defies increased taxation.
“Kenya has the highest percentage of young gamblers in Sub-Saharan Africa (76 percent), who outspend their peers on a per-capita basis, with 96 percent of them using mobile devices,” the report reads.
The report does not, however, give a breakdown of how much punters staked per year in the period, but shows that betting firms paid gamblers Ksh532.72 billion as winning bets.
The firms made Ksh88.24 billion in gross gaming revenue between 2018 and 2022.
Every betting stake is taxed 12.5 percent adding to the 20 percent withholding tax on every winning bet in deliberate efforts by the State to discourage gamblers.
