Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi

Corporate Fraud

‘Betting Companies Do Not Make Kshs. 200 billion A Year’, Economist David Ndii Explains

money laundering
noun
Definition: the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.

Kshs. 200 billion betting industry does not add Up.

The government of Kenya (GoK) has suspended the paybill numbers of 27 betting companies.

The companies are said to be among other things, non-tax compliant.

The Betting Control and Licensing Board (BCLB) a government agency has also stated that the betting firms have not adhered to some industry standards particularly on licensing.

Question is, haven’t these companies operated in Kenya for long without those licenses?

Who was eating the bribe money at BCLB?

That aside, it is open knowledge that betting companies engage in money laundering.

Today, through a Twitter post; economist David Ndii has exposed the fad that betting in Kenya is a Kshs. 200 billion industry.

No wonder these firms have refused to remit tax money to the Kenya Revenue Authority (KRA); why?

Because they don’t have it. They have been laundering money in Kenya on behalf of Italian Mafias.

SportPesa and Betin are currently the biggest betting firms in Kenya.

Here’s how the Kshs. 200 billion industry in Kenya doesn’t add up as explained by Economist David Ndii.

Betting Revenues Do Not Add Up

These betting revenues do not add up. According to Finaccess 2019 survey, only 1.9% of Kenyans bet (about 500k). A revenue of Sh. 100b works out to Kshs. 200k per customer. Either the youth are rich, the revenue is wrong, or is from other sources.


Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.


Comments

comments

Click to comment

Facebook

You May Also Like

News

*Editor’s Note: This open letter to Safaricom has been published as received. No redactions have taken place to avoid legal issues pending a court...

News

This is an intervention for Victoria Rubadiri so as to help her revert back to factory settings. We notice your slow drift away into...

News

Caption : Edwin Kigen Who was Murdered in Madaraka Estate. We demand for answers from Boinnet ! Another young man may have been brutally assaulted and...

News

CAPTION: Reformed street-urchins like this lot are dominating the airwaves and being allowed to spread the disease of anti-intellectualism.  As you may have all...

Copyright © 2020 Cyprian Is Nyakundi.