Betting firms are taxed on the gross gaming revenue at a rate of 15 percent besides paying corporate tax of 30 percent on profits.
They also pay income tax at the rate of 16 percent, adding to the annual licensing and compliance fees.
There was a proposal tabled in Parliament last year to have betting firms pay a gaming levy of 13 percent of their gross revenues.
"It's true that Betsafe Kenya will cease its operations in the country effective May 14, 2024," Mr Sudi said earlier in a phone interview with this publication.
Mr Sudi did not, however, disclose the number of people who have lost jobs due to the development but promised punters with outstanding balances will be refunded within seven days.
The government has since 2019 publicly declared war on betting firms through increased taxation in an effort to stem the runaway popularity of betting among the youth and the unemployed.
Betin and Sportesa (then registered under Pevans East Africa) exited the Kenyan market five years ago amid clashes with the taxman over billions of shillings in unpaid taxes.