SportPesa CEO Ronald Karauri. Photo/nation.co.ke

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Betting firm SportPesa has dismissed reports that it is planning to leave Kenya.

Earlier reports had emerged stating that the firm was planning to quit th Kenyan market because of a new law signed by President Uhuru Kenyatta two weeks ago that imposes higher taxes on their revenues.

The new law requires betting firms to remit taxes of 35 percent of revenues.

In a statement from the firm’s Global Chief Executive Officer Gerasim Nikolov said the remarks were taken out of context.

. “Our CEO was simply trying to demonstrate that no business can survive such heavy taxation on revenue and not profit,” the firm said in a brief statement on its Twitter.