betting
News Sports

President Museveni strikes again

The government of Uganda has taken the move of banning sports betting in the country. They have categorically stated that no new licenses will be issued to any betting companies while those who have been operating will not have their licenses renewed upon expiry.

According to the government, betting is diverting the youth from hard work.

“We have received a directive from President Museveni to stop licensing sports betting, gaming and gambling companies. The President has now directed the board which has been regulating them. From now onwards, no new companies are going to be licensed. Those which are already registered, no renewal of licences when they expire,” said Mr David Bahati (Minister of State for Finance in charge of Planning).

Read Also: Gor Mahia to Pocket Ksh 27 million

The government had earlier on in 2017 imposed a 15% withholding tax on winning of the bets, a move they though would greatly discourage the companies from operating, but this has not been the case, hence opting to completely deny them licenses.

In Kenya, the Financial Act 2018 imposed a 20% tax on betting winners while the betting companies pay 35% tax on their gross income. This increase in tax was a move to curb on the growth of the betting companies as it was also deemed to be hurting the youth.

Betting is a thing that has now grown so largely in third world nations, being led by youths who are unemployed and lazy, always hoping to make a kill by one day winning big.

1 COMMENTS

LEAVE A RESPONSE

Your email address will not be published.

%d bloggers like this: