Betika, a Replacement of SportPesa Reduces Tax on Winnings as per Court Ruling

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Betika

Betika, one of the top betting companies in the country have taken advantage of a ruling made this week which favoured the grievances registered by SportPesa and Betin. The betting companies had gone to the court to seek intervention on an issue with the amount of tax to be withheld from an account in case of win. The treasury and KRA had directed the betting companies to implement a 20% withholding tax in all winnings which resulted into the exit of both Betin and SportPesa from the Kenyan betting industry.

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There has been a lot of push and pull in the industry approximated to command about 200 billion shillings worth of revenue yearly. The new move brought about by the ruling might entice other companies which had equally closed such as BetPawa to be back in operation. SportPesa had also hinted at making a comeback and after the ruling, close sources have made it clear that the giant company is set to launch its operations afresh in the country.

The closing of business by SportPesa and Betin had made it possible for close to other 20 betting firms to grow tremendously with Betika being the biggest beneficiary. Though they are also battling claims of tax evasion, the betting company enjoys a customer base of more than 2 million.

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Betika has today sent messages to their users noting the ruling and their subsequent reduction and redefinition of the amount of money to be withheld when an individual wins. The Sports Betting company which also has a Mega Jackpot like category worth 100 million shillings, has said that they will now withhold 20% of the winnings minus the initial stake as ruled.

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It is not clear what will happen to the amount already withheld by the companies since July when they started implementing the tax directive. Estimated to be about 2 billion shillings, pundits have began the process of getting back what they said the government and betting companies had stolen from them.

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