Tax revenue is a huge issue in the gambling world. In fact, it is one of the biggest motivating factors when considering how to regulate the industry. It is an important issue from Illinois to Kenya. There is really no escaping it.
This is true for both online sportsbooks, in-person casinos, and bettors. This is why we stay up-to-date on all the latest tax and legal frameworks. And we help you do the same!
That’s why it comes as no surprise that the Kenya Revenue Authority (KRA) approved a gargantuan tax bill for Kenya Betway. Betway Kenya will now have o pay $1.5 million in back taxes.
The sector’s biggest actors chose to shut down their operations, rather than face the Kenyan state’s interpretation of the tax code regarding a 20% tax on punters winning.
This is an unfortunate event. Not only do Kenyan bettors lose out on their favorite sportsbook, but the Kenyan state misses out on badly needed revenue.
These taxes have been a hot button issue in the national Kenyan government. The President Uhuru Kenyatta and the Treasury Department have gone back and forth on how to handle it. It now seems like a final decision has been reached through the tribunal’s decision to impose the tax.
Betway is a rock-solid sportsbook in the US and around the world. It remains one of the best sportsbooks around and a safe option for bettors. In fact, this situation has given Betway a great opportunity to show its grit. It’s clear they are not going anywhere.
Betway has decided to stick around and make it work. They are facing the music. Even if the find the KRA’s interpretation incorrect, they have decided to stick around for their Kenyan bettors.
In fact, Betway is now in great standing. Even with this heavy hit, Betway is sitting pretty. But why?
Despite the changing and increasingly restrictive tax arrangements, Betway is now the last bookie standing in an expanding market. With the two biggest competitors deciding to close doors, Betway Kenya is poised to expand greatly.
SportPesa was the market leader in Kenya. The KRA was suing them for hundreds of millions, much more than the $1.5 million they landed Betway with. While the official word on whether or not they will try or be able to renew their gambling license, for now, they are closed until furthe notice.
Gambling laws extend well beyond taxes. Navigating them can be difficult in some places. This is why it is always important to read our relevant guides and stick to our list of betting sites, according to your location.
We have all the relevant information on the taxes and legal gambling prepared for you. You can find information on gambling in Australia, the US, the UK, Canada, and more. This is important information so that you do not end up with a surprise like Betway in Kenya.
You can also check out our betting sites by different locations. This is another great safeguard to keeping the law smiling upon you. For example, bettors in Canada can check out our list of the best Canadian betting sites.
If you are concerned about taxes, betting with Bitcoin is another great way to keep that under control. Bitcoin bettors receive a number of benefits taxes and bonuses are just one.
Here at Sports Betting Sites we provide you with all the resources you need to be tax-savvy bettors.