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Ban on betting proves to be yet another addition to Kenya’s biggest nightmare; dwindling economy

Some investors, read owners of betting firms, and their client, namely gamblers suffered because, apart from incurring loses, jobs were lost and the economy stagnated.

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Kenya has been experiencing a very slow growth as far as the economy is concerned in the past five years.

The national economy grew by 4.9 per cent in 2017, which was termed the slowest margin in five years.

According to Kenya National Bureau of Statistics(KNBS), the aforementioned was way below the 5.9 per cent which was recorded in 2016.

With the slow pace, investors feared doing business in Kenya but their hope was restore with endless Build Kenya initiatives which attracted investors back, including betting companies which provided thousands of jobs to Kenyans.

Various betting companies in the country were doing exceptionally well over the past few years despite the biting economy.

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However, things went south for about 27 betting companies after the Betting Control and Licensing Board (BCLB) dropped a hammer on them by putting up new strategies to protect Kenyan citizens from becoming gambling addicts.

The move saw some of major betting sites go down following government’s directive to have their licenses revoked.

With all the going on, gambling in general became an uphill task in the country which translated to huge losses amidst endless disagreements between the various parties involved.

Some investors, read owners of betting firms, and their clients, namely gamblers suffered because, apart from incurring loses, jobs were lost and the economy stagnated.

The betting ban in Kenya has made the gambling journey to turn out longer than anticipated.

With that, comes more drop in money exchanging hands and moving the economy further.

Forget the massive loss of jobs in massive betting companies, agents and etc; with the firms out of business, customers will suffer the consequences which will most likely be a problem to the government too.


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