Kenyan Lottery Charity SweepStake Acquired By UK Betting Firm
Tenlot Group Ltd, a UK-head-quartered company has acquired a controlling stake in Kenya Charity Sweepstake (KCS) as it looks into expanding its markets.
“Tenlot Group Ltd of the UK, a unit of the Elenilto Group Ltd, acquired an 85 per cent in Kenya Charity Sweepstake Ltd, a Nairobi-based provider of gambling services,” I&M Burbidge said.
TENLOT is a lottery and gaming license holder and operator and which provides turn-key solutions based on advanced gaming systems, solid lottery and gaming know-how, project implementation experience and extensive operational services.
The UK company aims to triple its annual sales in the next two years with plans to enter the Ugandan, Mexican, Mozambican and Tanzanian markets.
Tenlot Chief Executive Yossi Abadi said the firm would leverage on Kenya Charity Sweepstake’s national gaming infrastructure and the country’s advancement in the use of mobile money.
Reportedly, the company is also considering to broaden its services to also sell scratch cards, get into sports betting and other casino games.
Established in 1965, the Kenya Charity Sweepstake is the country’s oldest public lottery, offering a USD 25K jackpot. Since 1967, the company has raised over USD 7 Mn and funded over 4,600 projects.
Apparently, it is a requirement by the Betting Control and Licensing Board that those applying for a betting licence must support a charitable cause. Part of the monies raised from scratch cards have been used to support thousands of schools, dispensaries, the Beyond Zero campaign, rehabilitate street children and numerous other works of charity.
The advent and growing popularity of mobile phones has suppressed the popularity of traditional betting forms. Despite the fact that casinos have been in the country for decades , betting was not as popular as it is today.
However, the recent proliferation of betting companies has raised concerns to even warrant the need for new legislation. A PWC report ranked Kenya third largest in Africa in gambling.
Featured Image Courtesy: kenyacharity