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Pambazuka Lottery suspends Kenya operations over 35 per cent tax

George Miller

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Pambazuka Lottery suspends Kenya operations over 35 per cent tax
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Pambazuka National Lottery has suspended its operations in Kenya saying the new tax takes it total cost of operations to 115 per cent.

 

“Operating any lottery under this framework is not possible and therefore business operations are forced to close,”the company said in a statement on Sunday.

The company noted that the effect of the 35 per cent tax on all tickets sales has made them to cease operations  until a “sustainable regulatory framework” is in place.

“All prize claims after yesterday’s draw will be paid out to winners directly or from the company offices on April 7th 2018,” it added.

This came after Kenyan sports gambling firm Sportpesa withdrew all their local sponsorship commitments over the proposed tax of 35%.

Last year, President Uhuru Kenyatta finally signed Finance Bill 2017 and eight others into law.

The law raises the tax rate on gambling but sets it at a lower rate than had originally been proposed. It will impose a tax of 35 per cent of gross profits on all gambling.

Until now, lotteries were taxed at five percent, betting firms – bookmakers – at 7.5 per cent, casino gambling at 12 per cent and competitions like raffles at 15 percent.

The Finance Act seeks to amend the law relating to various taxes and duties. It also seeks to amend laws including:

The Betting, Lotteries and Gambling Act (Cap. 131) to increase the tax rates from the currents rates to 35 per cent

The Kenya Revenue Authority Act (Cap.469) to include newly introduced laws: Tax Procedures Act 2015, Value Added Tax Act 2013, Miscellaneous Fees and Levies Act 2016 and Excise Duty Act 2015 as part of laws administered by the Kenya Revenue Authority.

The Stamp Duty Act (Cap.480) to provide for tax neutrality for Islamic financial products to favourable compete with similar conventional products in Kenyan markets.

The Sacco Societies Act (Cap.490B) to define ‘deposits’ and ‘deposit taking sacco business’ to add principles of Islamic law to the Act as a form of recognition of Islamic saccos.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Africa

SportPesa rejects IPO rumours

Niji Ng

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SportPesa rejects IPO rumours
Photo Source: soka.co.ke
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SportPesa, an Africa-based online betting platform, has denied the news that it is going to issue an initial public offering (IPO). Bloomberg, among others, had reported the news.

Ronald Karauri, the company’s chief executive officer, has revealed the company does not have any intentions to issue an IPO.

Mr. Karauri was recently asked by news agency Reuters whether the company was planning an IPO. He answered curtly: “No” he just answered a reporter’s question.

However, Reuters reported that a market source informed about discussion between SportPesa and Nairobi-based Kestrel Capital. The Bloomberg report that created the rumours also suggested that SportPesa had appointed Kestrel Capital East Africa Ltd to advise on the IPO process that would have it listed its shares on the Nairobi Securities Exchange sometime in the first quarter of 2019.

Beside the bare “no” from the company’s CEO, SportPesa issued a statement saying that it is “constantly exploring opportunities that will create value for our stakeholders” and advanced that it will inform about any decisions “when appropriate.”

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Africa

Groove Gaming get in the groove to attend inaugural ICE Africa

George Miller

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Groove Gaming get in the groove to attend inaugural ICE Africa
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Leading aggregator Groove Gaming are attending the inaugural ICE Africa, the first ICE event to take place outside of the UK. ICE Africa reflects the ambition of the African industry for growth, with the event expected to be the benchmark of growth for the African Gaming industry and economy as well as provide a new platform for global growth.

Over 1200 gaming representatives are expected to attend from 24 African Nations and will make their way to Sandton Convention Centre in Johannesburg for the show. ICE Africa will be an event where the industry can meet, network, and see the very latest gaming innovations from dynamic companies like Groove Gaming.

At the heart of Groove Gaming’s expertise is selecting the highest-quality content to differentiate their offering and to drive player-engagement for clients. The Groove Gaming team are constantly curating a portfolio of high-profile games, which is then made available to clients as a prebuilt library from which they choose the right regionally-compliant titles for their players.

The versatile company’s services are extensive, covering world-class game supply from a stable of carefully selected partners and a broad portfolio of over 1500 HTML5 slots and other games from leading games makers including Wazdan, Leap Games Studios, Iron Dog, Play’nGo, Betsoft, Playson, Extreme Live Gaming, Merkur, Spinomenal, Evolution Gaming, Habanero and Fugaso, with new providers being added almost every week. Apart from the growing portfolio of games, other services include payment processing, fraud protection, risk management, regulatory compliance, business intelligence, affiliate promotion and customer service, as well as support in launching, maintaining, and growing new online casinos.

Groove Gaming has a team of experienced gaming professionals working closely with a carefully-compiled cluster of clients, such as EveryMatrix, iGP, Digitain, Equinox Dynamic, Alpha Interactive, ProgressPlay and Evoplay, amongst others. Every client enjoys 24/7/365 account services to maximise revenue and introduce games that deepen player involvement for a richer and more rewarding player experience.

Rebecca Sotomora, Head of Sales at Groove Gaming said: “Our focus is premium service combined with best-in-class content which we are showcasing during ICE Africa. Our ever-expanding games collection can be integrated with most platforms in a couple of weeks, giving casinos the ability to differentiate their offering quickly and efficiently. We look forward to engaging with the industry at ICE Africa.”

Meet Groove Gaming at booth 600 ICE Africa or book a meeting to find out more by emailing rebecca@groovegaming.com

For further information visit www.groovegaming.com

 

ABOUT GROOVE GAMING:
Offering an extensive game library of over 1500 HTML5 slots, table games and video pokers, Groove Gaming is headquartered in Israel and holds licenses issued by the UKGC and the MGA. Groove Gaming was founded in 2016 by a group of professionals who all had the dream of creating an exclusive service so entrepreneurs could meet the growing gaming needs of the world. Expert managers control financial transactions with accuracy and foresight, and Groove Gaming’s top-notch customer service rivals, and in most cases beats, most multinational companies operating today. With integrated multiple streams from today’s top providers Groove Gaming powers market access with industry heavyweights.

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Africa

BtoBet announces first Certified White Label Partner

George Miller

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BtoBet announces first Certified White Label Partner
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Will be attending ICE Africa together with STM Gaming

After a process of thorough screening and due diligence, BtoBet has officialised STM Gaming as its first regional Certified Partner for Africa, with this new partnership being formally presented at ICE Africa, with both companies attending at Stand 1601.

Alessandro Pizzolotto, STM’s CEO, stated this consolidated partnership with BtoBet serves as a certification of the successful job that the company has done as an operator throughout the past years in the African market, gaining a wealth of knowledge of the elements that characterize the African market in the process, and now being in a position to assist other operators in starting their turnkey activities in Africa.

He further indicated that African licensees will surely benefit from this consolidated partnership, with STM Gaming not only providing a simplified version of BtoBet’s technological product, but also taking taking care of the management of their operations, namely player support, license processing, payment methods, gaming content and sportsbook offer. In BtoBet’s latest Industry Report, “Tackling Africa’s Limitations … Making Africa Accessible to the iGaming Industry”, STM’s CEO further stated that iGaming activities will surely benefit from the experience put at their disposal regarding all the challenges that constitute the African scenario.

“What countries are regulated? What licenses are available? What products can be offered to players? What are the main differences and aspects that characterize the different regions? These are all aspects that need to be tackled, and which make the journey towards success especially for small businesses a hazardous path. Many businesses have fallen short of being successful because they did not give true consideration to the local needs and challenges of the African market itself, both from a jurisdictional and a player’s preference perspective.”

In the meantime, in the relatively short time as BtoBet’s Certified Partner, STM Gaming has already finalised multiple agreements with other companies, and in the past days, with a very short time to market, has launched its first sportsbook and casino turnkey, Ugabet, with its website already up and running seamlessly without any hiccups in Uganda.

 

About BtoBet:
BtoBet is a multinational company and is part of a group with 20 years of experience in software development in IT, telecommunication, e-commerce and banking, strongly committed to technology and widely investing in technology research and development. The experience gained at the forefront in these advanced environments, compared with the more recent gambling industry, allows BtoBet to be visionary with a deep understanding of the requirements of the market, catching changing trends and anticipating bookmakers’ and operators’ needs. BtoBet is a true partner in technology, offering a standalone platform and services for the iGaming and Sports Betting industry. It counts on a very talented, continuously trained development team and day to day management support to clients. BtoBet allows licensees to be unique in the market, by giving them the opportunity to completely personalise their offers for Sports betting and iGaming business, online mobile and retail. BtoBet has technical branches with large ever-growing teams of developers in Skopje, Ohrid, Bitola, Belgrade, Nish, Tirana, and Rome. Malta hosts the commercial and marketing centre.

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