Cortedivoire
Elder Lister
SportPesa made a net profit of Sh12.9 billion for its owners in Kenya in its first five years of operation when the brand was owned by Pevans East Africa, revealing the lucrative earnings in sports betting.
Pevans launched SportPesa in 2014 when it made a net profit of Sh44.2 million. The earnings rallied to Sh1.6 billion the next year, later peaking at Sh6.2 billion in 2016.
The firm’s net income dropped to Sh2 billion in 2017 and rose to Sh2.8 billion in 2018 – its last full year of operation before it lost its licence due to a hefty tax demand from the Kenya Revenue Authority (KRA).
Disclosures of Pevans’ performance in the period between 2014 and 2018 have been made in a court case filed by Asenath Wachera Maina, who wants the court to affirm the company as the owner of the popular SportPesa brand
In the five years, Pevans raked in cumulative revenues of Sh228.4 billion from the bets placed. The company also spent a total of Sh4.4 billion on marketing over the period.
Pevans ceased operations following the cancellation of its operating licence in July 2019 over unpaid taxes and penalties, which the taxman last computed at Sh95 billion.
Pevans launched SportPesa in 2014 when it made a net profit of Sh44.2 million. The earnings rallied to Sh1.6 billion the next year, later peaking at Sh6.2 billion in 2016.
The firm’s net income dropped to Sh2 billion in 2017 and rose to Sh2.8 billion in 2018 – its last full year of operation before it lost its licence due to a hefty tax demand from the Kenya Revenue Authority (KRA).
Disclosures of Pevans’ performance in the period between 2014 and 2018 have been made in a court case filed by Asenath Wachera Maina, who wants the court to affirm the company as the owner of the popular SportPesa brand
In the five years, Pevans raked in cumulative revenues of Sh228.4 billion from the bets placed. The company also spent a total of Sh4.4 billion on marketing over the period.
Pevans ceased operations following the cancellation of its operating licence in July 2019 over unpaid taxes and penalties, which the taxman last computed at Sh95 billion.