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    Reed Hastings steps down as Netflix CEO

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    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    PayPal threatens users with a $2,500 fee for disinformation, instantly retracts after uproar

    PayPal threatens users with a $2,500 fee for disinformation, instantly retracts after uproar

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Laptop buying mistakes you should avoid

    Lenovo X1 Carbon 5th Generation Review: just good enough

    Lenovo X1 Carbon 5th Generation Review: just good enough

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    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Infinix is bringing 180W wired fast charging speeds to its next flagship phones in 2022

    Infinix is bringing 180W wired fast charging speeds to its next flagship phones in 2022

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

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    Twitter is planning to start charging $20 a month for verification

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Kenyans spent Sh83.2 billion in six months to place bets via M-Pesa

Brian Murimi by Brian Murimi
November 10, 2021
in News
Reading Time: 2 mins read
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Kenyans spent Sh83.2 billion in six months to place bets via M-Pesa
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Kenyans used M-Pesa to wager Sh83.2 billion in the six months leading up to September 2021, providing a glimpse into the multi-billion-shilling sports betting business.

According to financial figures revealed by M-Pesa parent company Safaricom yesterday, this was double the amount of betting funds handled through the mobile money transfer service in a similar period last year.

In a single day, this corresponds to Sh422.2 million in betting currency flowing through the M-Pesa platform.

According to the financials, there were 347.8 million betting transactions on M-Pesa in the first half of this year, up from 188.3 million in the same period last year.

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Safaricom made Sh2.95 billion from betting in the six months to September 2020, compared to Sh1.48 billion in the previous six months.

Safaricom received Sh5.51 billion in revenue from what consumers paid businesses for products and services, or C2B, which was the company’s second biggest earnings income from “betting and payments.”

The value of the bets increased by 69 percent from Sh49.2 billion a year ago, according to the telco’s reports.

Safaricom, the Kenya Revenue Authority (KRA), and betting companies are the major winners from the increase in betting activity, pocketing billions.

Betting income for the telco increased to Sh2.95 billion from Sh1.48 billion. The taxman is thought to have taken in at least Sh6.2 billion from M-Pesa users.

The KRA collects 7.5 percent of the amount of bets placed, as well as 20% of winnings and corporate taxes from betting companies.

Safaricom half-year results

Safaricom’s half-year net profit increased by 12.1 percent to Sh37.05 billion in September, owing to a return in M-Pesa revenues due to the termination of free State-backed transactions to help clients during the Covid-19 period.

Voice and messaging income increased during the six-month period from April to September 2021, which coincided with the relaxation of Covid-19 limitations.

M-Pesa income increased by 45.8%, or Sh16.4 billion, to Sh52.3 billion in January, thanks to the resumption of charging for transactions under Sh1,000 and increased business activity, which resulted in a 16.9% increase in service revenue to Sh138.4 billion.

 

Tags: BetikaBettingKenyaM-PesaOdibetsSafaricomSportpesa
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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