Irreversible.
-A Portuguese report said that Cristiano Ronaldo is bolting out of Real Madrid
| Higher taxes are coming |
Legislators in Kenya backed the suggestion of President Uhuru Kenyatta to impose a uniform 35% tax on all gambling revenue, a significant jump from the current 7.5% tax.
The President thinks it's a compromise.
Kenyatta previously refused to sign the country's Finance Bill which will impose a uniform 50% tax on all gambling revenue. He then offered a compromise rate of 35%, which is a nearly fivefold rise on the 7.5% tax rate that operators currently pay.
The legislators backed the President at the 11th hour.
CitizenTV reported that the House Finance Committee approved Kenyatta's recommended changes to the Finance bill on the last day of the legislative session. This means that sports betting, gaming, lottery and competition operators will all face significant tax challenges going forward.
What was Kenyatta's reason to increase taxes on gambling revenue?
The President said that there should be something that will stop the Kenyan youth from getting too enamored with gambling.
Takeaway
Kenya should get ready to see gambling operators closing shop should it push through with the tax increase.
| GLOBAL ROUND UP |
| ASIA |
The Office of Integrated Resort Regime Promotion has recommended a prohibition on junkets ferrying high-volume gamblers as well as sports betting in Japan's yet unbuilt casinos.
| EUROPE |
Romanian legislators are considering new restrictions on locally licensed gambling operators' ability to advertise their products.
| NORTH AMERICA |
The US Federal Trade Commission may block the FanDuel-DraftKings merger as it believes that the combination of the DFS firms would threaten competition.
| FACT YOU NEED TO KNOW |
At over 10.5 million square feet, the Venetian Macao in China is the largest casino in the world. It is also the world's fourth largest building.
| WORD OF THE DAY |
Bots: In gambling, bots are software that speed up the process of placing bets by using a gambling website's Application Programming Interface (API).
| PRESS RELEASE |
Bitcoin Casino Affiliates launches 300K Satoshi Rewards Program
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| SHOUT OUT |
Motor sports fans will have a blast at the 85th running of the 24 Hours of Le Mans which will be held on June 17 to 18 at Circuit de la Sarthe in France. Bookmakers are favoring a Toyota win featuring Sébastien Buemi, Anthony Davidson and Kazuki Nakajima.
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