Fair playing ground necessary in the betting industry
Betting firms in the country have reportedly resorted to unfair competition practices including sponsoring not so rosy content against each other in a bid to control the market space, Nairobi News understands.
Some of this content on social and mainstream media appears to paint the foreign-owned betting firms as being involved in malpractices such as money laundering.
These claims are, however, not substantiated.
“A successful foreign company has been at the centre of this well-choreographed media campaign,” a source who spoke off the record, claimed.
“It appears someone is out to banish foreign-owned betting companies from the market and take up dominance in an illegal and primitive way of setting up scandals through the media.”
The source also shared the fear that this practice, if not checked, could lead to the closure of betting firms in the country, further resulting to loss of business opportunities and jobs, affecting an already struggling economy.
“Kenya is on the verge of becoming an undesirable environment for foreign investors because of individuals working against the interests of the population. It leaves the future of about 55,000 employees at stake.”
Despite a drop in profits owing to harsh business environment and effects of the coronavirus pandemic, betting companies in the country reportedly paid up to Sh6 billion in taxes to the national and county governments in 2020.
Other firms have also supported the community with continuous donations to the health sector aimed at supporting exposed persons affected by the coronavirus pandemic. The firms have also supported sports activities by sponsoring Kenyan Premier League clubs.