EXPERTS KENYA Regulator now orders audit on betting firms’ sponsorship deals 1 month ago Samuel Post Views: 84 The betting regulator has ordered all gaming companies to provide an audit of all sponsorship deals and community investments for review. Betting Control and Licensing Board (BCLB) chief executive officer Peter Mbugi has written to all gaming operators to disclose activities, amounts and beneficiaries of their corporate social responsibility spending. Mr Mbugi said while the firms are not compelled to spend specific amounts on CSR activities, they have to submit records of how much they have channeled back to society. He said most firms claim their marketing spend is CSR or pledge to support local football clubs and community projects but fail to actualise the spend. Betting companies make supernormal profits with a recent revelation that SportPesa made a net profit of Sh12.9 billion for its owners in Kenya in its first five years of operation, underscoring the lucrative business in comparison to what is spent as CSR. “The board wishes to inform you to submit report on all CSR activities conducted during the licensing period. This should detail the name of activities; amounts spent and evidence of the same should be attached to the report,” – Mr Mbugi said. Peter Mbugi Kenya betting laws are not specific on how much betting companies should spend on CSR activities unless for public lotteries that are intended to raise funds for social services, public welfare and relief of distress. BCLB has the authority to order the public lotteries to spend at least 25 percent of the gross proceeds to be devoted to the object for which the lottery is promoted. The rest of the betting firms sponsor sport clubs and donate to charities as part of their CSR to give back to the community. Mr Mbugi said the betting companies just like any other business have an obligation on spending part of their profits in the communities they operate over and above their tax contributions to the country. Some betting firms have been accused of hoodwinking communities with sponsorship deals and failing to follow up while some betting firms do not do any community work. The audit will also shine a light on web-based gambling companies that are not licensed to operate in the country and neither pay taxes nor invest in the community. Mr Mbugi said whenever they identify such firms they work with the communications authority to bring down their websites. Source: businessdailyafrica.com SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Kenya, Mbugi, regulator Continue Reading Previous FG Moves To Weed Out Some Sports Betting Companies In NigeriaNext Court bets against former Kiron employee’s assurances More Stories EXPERTS WORLD NEWS TVBET is going to attend iGB Live 2022 2 days ago Iwo Bulski EXPERTS SOUTH AFRICA Future of online gambling industry in the African market 3 days ago Szarlot CASINO EXPERTS The best tips for beginner roulette players. 4 days ago Samuel EXPERTS TANZANIA Only 2 weeks for SBEA+ in Tanzania 4 days ago Iwo Bulski EXPERTS NIGERIA Nigeria’s NLRC takes action on fake sports betting permits 5 days ago Samuel EXPERTS UGANDA SCCG and Uganda’s Genius Gaming Consult sign Africa 1 week ago Iwo Bulski EXPERTS TANZANIA Eventus to Welcome Gaming Leaders in Tanzania – Three Weeks Until SBEA+ 2 weeks ago Iwo Bulski EXPERTS SOUTH AFRICA How Popular Is Cryptocurrency In Africa? 2 weeks ago Samuel EGYPT EXPERTS The Evolution of Gambling in Africa 2 weeks ago Szarlot EXPERTS NIGERIA Play-to-Earn Gaming Adoption in Nigeria to Double in 2022 3 weeks ago Szarlot EXPERTS WORLD NEWS Latin America in 2022: opportunities for online casino operators 3 weeks ago Szarlot BETTING KENYA Kenya: Matiangi Orders Betting Board to Ensure Gaming Firms 3 weeks ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.