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New dawn in sports betting as UK billionaires partner with Kenyan company

By Agency | August 6th 2020 at 06:00:00 GMT +0300

Kenya’s sports’ betting is headed for interesting times following the entry of a new company with backing from billionaire British investors. 

Triple 5bet which will officially be launched in Kenya soon, has received the nod from the Betting Control and Licensing Board [BCLB). 

The company has partnered with one of the largest betting outlets in the UK, according to Triple5bet Operations Manager Jack Spencer, which will be unveiled during the launch.

Some of the top UK betting companies are 888 Sports, Unibet and Hopa. 

Following partnership with deep pocketed investors, Triple 5bet said in a statement it is bringing a gaming experience never seen before including the largest ever jackpot payout.

 “It could be anywhere in the range of Sh100 million to Sh500million,” revealed Mr Spencer.

In 2001, a roof repair man in the UK placed a Sh1.50 bet in an English Premier League match and won nearly Sh300 million.

 The betting company said it will bring international gaming experience to Kenya, through a variety of sports, top quality odds, free bets, virtual games and live gaming. 

In addition, Triple 5bet said it will offer the latest sporting news and pre-match and post-match analysis. This will equip punters with relevant information that’ll enable them place winning bets.

It has also emerged that Triple5bet's UK partners are already in talks with various sporting teams in the country, on possibilities of sponsorship.

This news will certainly stir the local sports betting industry as most sporting activities resume around the globe with the gradual easing of the pandemic-driven lockdowns. 

Kenyan gamblers won big in June when President Uhuru Kenyatta signed into law a bill which removed excise duty on betting.

A battle that pitted Kenya Revenue Authority against betting companies last year led to several of the firms exiting the market amid dissatisfaction over what they termed high taxation.

The Finance Act 2019 introduced excise tax on stakes placed on bookmakers by punters, placing it at 20 per cent, with KRA ordering the betting firms to display the deductions on betting slips.

The Finance Act 2019 also hiked the excise duty from 10 per cent that had been proposed in the Finance Bill earlier in the year to 20 per cent.


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