Out of ten men you meet, only one of them is not betting. In fact it was once put on a light note on twitter that a man who does not bet is an endangered species. A lot has been said about betting both positive and negative but here on Business Corner we want to focus on Financial Implication of betting.
Before you term it backward it is important to note that betting has great influence on the economy. The global sports betting market is worth up to $3-trillion. We are all aware of the fairy tale of a Leicester fan won £20,000 after drunkenly placing a £5 bet on his team to win the Premier League at 5,000/1 last August. Of course his living standards and economic presence improved in a way. Betting has taken Kenya by storm with betting companies investing in this juicy market.
As per now, there are 12 betting companies in Kenya,Sportpesa,Betin,m-cheza,Betyetu, Betpawa Kenya, Kenya sports bet, Lucky2u bets, Eazibet, Betway Kenya,Justbet, Elitebet. This means more jobs created and increased per capita income with has a direct influence on the GDP. Mobile service providers have also benefited from the presence of such companies like for the case of Mpesa from Safaricom where you must sent money to your Mpesa before sending in to your betting account, this is then charged thus benefiting Safaricom in some way.
When you bet, you don’t necessarily loose, some people do win. We have cases of people who have won the jackpot and their life has taken a better direction with improved financial ability. When such people invest their money, they create employment and improve the country’s GDP.
Betting is not that bad but irresponsible betting behaviors should not be condoned. Bet what you can comfortably loose and avoid greed. All in all, do something with your life.
By Wasike Allan wanyonyi