EBL blames dwindling profits to rise of gambling craze-Kenyan Youths prefer betting to alcohol.

Tuesday, April 23, 2019- East African Breweries Limited (EABL), through its Kenyan subsidiary Kenya Breweries Limited, has raised an alarm over the betting craze among the youth.

Jane Karuku, KBL Managing Director has revealed that the rising betting craze is driving away their customers.

According to research people below the age of 35 prefer gambling to spending money on alcohol and this has eaten into EABL’s profits.

 Betting is a serious competitor. When you walk into any shopping centre, the proportion of shops is probably the highest and when youth get in, there will be a betting shop then a bar,” the KBL boss said.

 She added that the frequency of time spent was more towards betting than alcohol because of the allure of quick riches.

While gambling has been around for decades, the last six years have seen an explosion in sports betting with over 100 gamming firms registered recently.

Many desperate and jobless Kenyan youths see betting as the only ticket out of poverty as they hope to strike the elusive jackpot while making the companies richer by the day.

Recently, Interior CS Dr. Fred Matiang’i threatened to withdraw licenses of betting companies that would not have remitted what they owe the government in taxes by July 1.

In 2018, the gambling sector is reported to have generated revenue of a staggering Sh200 billion but only Sh4 billion was paid to the government as tax.

“We cannot run a sector where we are indirectly supporting money laundering,” Said Mating’i.

The Kenyan DAILY POST.

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