SportPesa pulls out of sponsoring Kenyan teamspublished at 11:06 British Summer Time 23 June 2017
Kenyan gambling outfit SportPesa says it is pulling out of sponsoring sports teams in the country because of a new finance measure imposing a large tax on betting companies.
Its CEO has been tweeting from a press conference in the capital, Nairobi, this morning:
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The new law, beginning in January 2018, will introduce a 35% tax on the betting companies' revenue (less the prize money pay out). They also have to pay corporation tax on profits.
SportPesa currently supports the Kenyan premier league, individual football and rugby teams and several other sports.
But the company says that its backing of European teams such as Everton and Hull City will not be affected.
In recent years, SportsPesa has emerged as one of East Africa's major gambling companies.