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Gamblers beat NSE with Sh330bn stakes in one year
Under the current tax laws, punters are charged a five percent excise duty on all funds deposited into their betting wallet hosted by mobile money platforms like M-Pesa or Airtel Money.
Gamblers placed bets worth a record Sh330.5 billion in the year to June as the State eased punitive taxes on the sector, which outpaced new investments at the Nairobi Securities Exchange (NSE).
Data from the Kenya Revenue Authority (KRA) shows the boom in online gambling, with the taxman netted Sh16.5 billion in excise taxes from the industry, surpassing its target by 15.9 percent.
