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REVEALED: SportPesa Used To Make Sh300k Per Minute Before Government Ban

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How much do you make in 30 days?

Now imagine someone, or a group of people making Sh300k per minute.

At the height of their betting dominance, SportPesa made about Sh285,000 every minute

Financial statements by Pevans East Africa, reveal the firm which was started with a Sh68 million loan by the end of 2018 was making Sh150 billion

SportPesa suffered government wrath when the government pulled its license over a tax dispute and security concerns about some of its owners.

A report carried by Daily Nation shows that SportPesa enjoyed explosive growth and was on course to raking in Sh172.9 billion revenue in 2019, the year the government unceremoniously stopped their ‘Reggae.’

They made more than Safaricom makes in a year. In fact, enough money to fund the development budget of the infrastructure ministry for one year.

Private Kenyan companies do not have to publicly disclose their accounts, and therefore SportPesa’s spectacular financials have always been shrouded in mystery.

Its Bulgarian and Kenyan directors and shareholders raked in at least Sh7.79 billion in salaries and dividends, while the taxman was left wondering why his take was shrinking.

The biggest shareholders in the company were Bulgarian co-founders Guerassim Nikolov and Gene Grand with 21 percent each.

Their late Kenyan business partner Dick Wathika, a former MP and Nairobi mayor, also held 21 percent. When he died his widow Asenath Wachera Maina after his death in 2015.

Each of these shareholders has pocketed as much as Sh1.64 billion in dividends.

Other Kenyan investors, such as former chairman Paul Ndung’u and chief executive Ronald Karauri, were also somersaulting all the way to the bank.

SportPesa paid its directors Sh213.5 million in salaries, fees, and perks in 2017, the financials show.

The government’s decision to withdraw its betting license in July 2019 resulted in more than 400 job losses- according to the company itself



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