Online Sports Betting is Unregulated in Kenya
KENYA (December 5, 2022) — Despite the fact that online sports betting is legal in Kenya, the country does not formally regulate it. However, the government has approved online sports betting applications to allow Kenyans to place bets on the sports that they want.
The Betting Control and Licensing Board (BCLB) issues licenses to online gambling companies. These companies must pay a licensing fee and the associated costs. The board also imposes fines for unlicensed gambling venues.
Sports betting is the most popular form of gambling in Kenya, with 79 percent of bets relating to soccer. It has been legal since 1966. However, the industry has become a major concern for the government.
Kenyans can place bets on sports events that occur on the continent or around the world. There are hundreds of betting shops that are operated by Kenyans. The betting industry has also drawn in commercial players.
The Betting Control and Licensing Board has approved online sports betting applications that will allow Kenyans to place bets. However, the company must offer a withdrawal in Kenyan shillings. It should also offer cryptocurrency options for international players.
Kenyans can also transfer funds via text message. Mobile money has become a common payment method in Kenya, with many using their phones as wallets. Nevertheless, the country’s mobile penetration is a mere 79 percent.
In an attempt to curb the grey market, the government is planning to increase the withholding tax on winnings from gambling to 20% in 2022. This could have a negative impact on the economy, particularly income inequality.
While online sports betting is legal in Kenya, the laws do not apply to foreign players. This makes it a relatively safe business for foreign companies. However, if you want to participate in online sports betting in Kenya, make sure that you’re playing at a licensed sportsbook.
Kenya’s youth is a big driving force behind the online betting industry. These young people are highly interested in sports and data drives their interest in gaining access to online betting sites.
SOURCE: Jumia, Kenya.Tags: unlicensed gambling venues, Unregulated, Kenya, Betting Control and Licensing Board (BCLB)