@Tuko

Blow to the sports fraternity as betting firm Sportpesa terminates sponsorship of all local sports

6 months ago, 2 Jan 14:17

By: Fred Kennedy

Sports betting firm Sportpesa has ended all local sports sponsorship. The company took the measure after the government imposed a 35 per cent tax on all gambling revenues. Sportpesa challenged the imposition at the High Court but lost the case Giant betting firm Sportpesa has ended sponsorship of all local sports with immediate effect. The company took the drastic decision after the Kenyan government imposed a 35 per cent tax rate on betting, lotteries and gaming activities. The law was initially proposed by Treasury Cabinet Secretary Henry Rotich, setting the tax rate at 50 per cent during the reading of the 2017/2018 budget. However, the proposal received backlash from gaming companies, with many terming it counter-productive. The move saw Sportpesa seek legal redress at the High Court, challenging the new regulations passed by the National Assembly. A file photo of Sportpesa CEO Ronald Karauri. Courtesy: pulselive.co.ke However, High Court Judge John Mativo dismissed the case, asserting that there was no infringement on the petitioners' rights to property as averred by betting companies. The ruling prompted Sportpesa end their sponsorship and all financial support to sports in the country. Reacting to the news, the Kenya Rugby Union (KRU) said they had received the news with great dismay, noting that they will now have to reexamine their structures into the new year. The popular sporting firm has played an integral part in supporting local sports, having sponsored various sporting activities and football clubs in the country.
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Category: topnews news sports

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@Tuko

Blow to the sports fraternity as betting firm Sportpesa terminates sponsorship of all local sports

6 months ago, 2 Jan 14:17

By: Fred Kennedy
Sports betting firm Sportpesa has ended all local sports sponsorship. The company took the measure after the government imposed a 35 per cent tax on all gambling revenues. Sportpesa challenged the imposition at the High Court but lost the case Giant betting firm Sportpesa has ended sponsorship of all local sports with immediate effect. The company took the drastic decision after the Kenyan government imposed a 35 per cent tax rate on betting, lotteries and gaming activities. The law was initially proposed by Treasury Cabinet Secretary Henry Rotich, setting the tax rate at 50 per cent during the reading of the 2017/2018 budget. However, the proposal received backlash from gaming companies, with many terming it counter-productive. The move saw Sportpesa seek legal redress at the High Court, challenging the new regulations passed by the National Assembly. A file photo of Sportpesa CEO Ronald Karauri. Courtesy: pulselive.co.ke However, High Court Judge John Mativo dismissed the case, asserting that there was no infringement on the petitioners' rights to property as averred by betting companies. The ruling prompted Sportpesa end their sponsorship and all financial support to sports in the country. Reacting to the news, the Kenya Rugby Union (KRU) said they had received the news with great dismay, noting that they will now have to reexamine their structures into the new year. The popular sporting firm has played an integral part in supporting local sports, having sponsored various sporting activities and football clubs in the country.
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