Betting giants SportPesa are among the major losers after Ugandan President Yoweri Museveni banned registration of betting and gaming companies as well as renewal of licenses in his country.
The unexpected presidential directive was issued on 21st January and will affect SportPesa’s expansion vision in East Africa.
Delivering the bad news to betting investors, Minister of State for Finance in charge of Planning, Mr. David Bahati said that President Museveni banned betting because it was misleading the youth, and he believes it promotes idleness.
“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 licenses when they expire,” said Mr Bahati as reported by the Daily Monitor.
Betting has taken root across East Africa with Kenya being a target market by several firms. Both the young and old try their luck especially in the jackpots on offer.
The most lucrative jackpot is SportPesa’s mega jackpot that starts at Sh100,000,000 and increases weekly until it is won.