PHOTO CAPTION: Kenyan betting firm Ekabet is facing a bleak future Kenyan betting firm “Ekabet” is on the brink of a total collapse, with the company now unable to settle its employees' salaries.
With its collapse, Ekabet will sink with millions of shillings belonging to thousands of Kenyan punters.
Ekabet was one of the few companies that benefited from SportPesa’s predicaments back in 2018, and took with it a sizeable chunk of customers who were loyal to the Romanian run betting giant that had tentacles spread to Asia, Europe and Africa.
At the time, they set on a frenzy to employ staff from SportPesa, which had been pushed out of business.
But as time went by, they lost all midstream as they struggled to pay certain wins and eventually, some promises, wins, and even Corporate Social Responsibility (CSR) events had to be cancelled.
Sources say that the current predicaments facing the company were inspired by the fact that operational costs outweighed the profits it was making.
The company simply could not withstand the competitive market’s ups and downs.
Reports suggest that the company also struggled to meet Kenya Revenue Authority (KRA) obligations and other delayed mandatory payments.
The enterprise is sinking and sinking fast, with dozens of families already affected by delayed salary payments.