Betting firm SportPesa on Wednesday took the next step after halting its operation in the country.
It was reported that the betting giant fired all its 400 employees three days after exiting the Kenyan market.
In a video seen by this reporter, SportPesa CEO Ronald Karauri is seen delivering the news to the staff during a meeting conveyed at their offices.
The boss came in and even he could not hold his usual jovial face. It was not easy for him to see people filled with anxious grief. People he's called colleagues, people he's worked with to build a shining brand, people with whom he's shared the company's highlights. Tough indeed
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It was claimed that Karuri could not hide his disappointment when facing his staff at the gathering.
On Saturday, Betin company issued a notice of termination to all its employees after it was forced to close down.
The second biggest betting firm explained that the notice would take effect on October 31.
Sportpesa through a statement, had announced that the hostile regulatory environment was the reason why the firm called it quits.
“SportPesa is disappointed with the decision by the Kenyan legislature to impose a 20% excise tax on all betting stakes.
The tax is based on a fundamental misunderstanding by the Rotich led treasury of how revenue generation works in the bookmaker industry. This decision will have a damaging impact on both customers and treasury. Further compounded by the currently in-effect 20% Withholding Tax on Winnings, the economic incentive to place bets will be completely removed as the taxes will deprive consumers of their total winnings. This will have severe consequences for licensed betting companies, which dutifully pay their taxes and ultimately will lead to a decline in government tax revenue to near zero and will halt all investments in sports in Kenya.” read a part of the statement.
The two giants were among 27 betting companies that had been forced to halt their services following an order by Interior CS Fred Matiang’i in July 2019.
The government had further ordered Safaricom to suspended their paybill numbers.
The CBK were also directed to freeze the accounts of the organisation in a bid to ensure that the money is not transferred out of the country.
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