This archive report was first published on 11 November 2021.
Between April and September 2021, Kenyans spent a mind-boggling Sh83.2 billion on football betting, with Safaricom's Mpesa being the primary platform for these transactions.
This represents a 69% jump from a similar period last year, which could be attributed to the reopening of sporting activities after the pandemic.
According to Safaricom's half-year results, the betting companies are the biggest beneficiaries of this trend, with over half of gamblers losing their money on any single day.
Football betting, in particular, is a lucrative market, with 'multi-bets' offers tempting players with a 10% chance of winning.
However, the chances of winning the Jackpot, another popular offer, are one in several hundred millions, meaning that over 80% of players could be losing their money on any single day.
Despite the high tax rates on betting, the companies are still making significant profits, with Safaricom's cut of the revenue being Sh2.95 billion in the six months.
The Government also benefits from this trend, with KRA estimated to have collected over Sh6 billion in taxes during the same period.
With Kenyans on track to spend close to Sh170 billion on betting in 2021, it is clear that football betting has become a significant contributor to the country's economy.
