Sportpesa Chief Executive Officer Donald Karauri
Sports betting giant Sportpesa which has operations in Kenya, Tanzania, South Africa, Italy, Ireland and the United Kingdom where it operates in conjunction with TGP Europe has for the first time in its history recorded a loss making financial year.
The renowned company which was founded in 2014 and headquartered in Liverpool, UK has declared having incurred shillings 638 million loss in the year ended December 2020.
According to the firm, the mind-blowing financial repression was as a result of the shutting down of operations of its single largest kenyan-based client, Pevans East Africa Limited following a taxation misunderstanding with Kenyan authorities in 2019.
The company's directors further revealed that Pevans East Africa Limited which previously operated in Kenya used to account for 96% of Sportpesa Global Holdings Limited (SGHL) total revenue in the past.
As financial woes courted Sportpesa following the decision of government to decline renewing their operating licence, majority of their customers shifted allegiance to rival betting companies.
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