This archive report was first published on 21 July 2019.
Published on July 21, 2019, by Mungai Kihanya, a renowned author, in a thought-provoking article, he argues that betting is a losing proposition and should be banned to save people from financial ruin.
Betting, as we know it today, is a far cry from its original purpose of fundraising for social causes. The love of money has taken over, and private gambling enterprises have been allowed to operate with little regulation.
According to Kihanya, betting is a game of chance, and the odds are always stacked against the player. He uses the example of a normal dice to illustrate this point. With six faces labeled with numbers from 1 to 6, the chances of winning are slim, and the player is likely to lose more than they win.
He argues that if a player participates long enough, they will pick the wrong number five out of every six tries. This means that they will pay out more money than they win, making it a losing proposition.
Kihanya proposes that the government should regulate betting by imposing a 75% excise tax on all gambling revenue and a 15% withholding tax on all winnings. He also suggests that bookmakers should publish data on the number of participants, total amount wagered, number of winners, and total amount won after each draw.
By doing so, the public will understand the slim chances of winning and make informed decisions when betting. Kihanya concludes that betting is a losing proposition and should be banned to save people from financial ruin.
