NAIROBI (Reuters) - A Kenyan online sports betting firm has cancelled 600 million shillings (£4.27 million) in direct annual sponsorship for the country's main football league and other sports, after the government hiked taxes for such firms by more than four times.
The government increased the tax rate on gross profits for sports betting firms, lotteries and casinos to 35 percent last year, from 7.5 percent, to create a fund for sports, culture and the arts. It says the rapid growth of betting in a loosely regulated environment has hurt the young and vulnerable.
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