SportPesa reveals secret revenues of Sh150 billion

SportPesa has for the first time disclosed its annual sales of Sh149.7 billion, underlining the extent of online sports gambling craze in Kenya and outsized payouts available to wealthy and influential investors behind the betting firm.

The firm averaged daily bets worth Sh408 million or Sh149.7 billion in 2018, according to disclosures in court papers.

It paid out Sh129.6 billion as winnings, leaving it with Sh20.1 billion that analysts reckon is enough to generate a profit in excess of Sh10 billion to firm with a thin operating expenses, mainly staff.

The juicy revenues are enough to pay the salaries of 10,000 employees earning a monthly salary of Sh50,000 each for nearly 25 years.

It is also higher than the market capitalisation of Equity Group , the country’s second-largest bank, which closed trading with a market value of Sh134 billion on Thursday.

The amount also makes SportPesa the second-largest company in Kenya by revenue after Safaricom , which recorded a turnover of Sh251.2 billion in the year ended March.

Source: businessdailyafrica.com

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