Sportspesa cashflow constraints

#1
This guys are unable to liquidate bets as they fall due. Anyone experiencing delays in payments? I suspect cash flow issues . See the below withdraw . Delayed by over 1 hr and still outstanding . Reason... processing on going . I am unable to complete a second withdrawal since the former is pending . What the hel is wrong down there Paul???? Screenshot_20190425-195140_Chrome.jpg
 
Last edited:

spear

Village Sponsor
#9
hiding the money offshore. plans to tell the taxman they had a bad business year.
Mpesa system has no need to delay your transaction. It completes 1000's of them.per second without cherry picking. This is all.on sportspesa. Wanacheza karata na payments. Like you have alluded to its hide and seek with cash flow rerouting them through a matrix. This is why M7 banned the in Ug. How can you handle $500 million in Ug and want only to pay $1 million as tax!
 
Last edited:

spear

Village Sponsor
#10
He he he he he! Uchumi itaendelea kuwa 'mbaya' if this is the trend - giving you little money to international mafia.

Endeleeni................................................
Government domestic borrowing is leading to credit crunch for businesses. Betting is taking away almost all disposable income at the lower class bracket. Two situations hurting Wanjiku in the pocket.
 
#11
Cash flow issues cause there are delays in your 10K transaction?

Sportspesa is Billion KES business by the time it gets cash flow issues to that level there will be steps like reducing betting wins, sponsorships, reduced odds, scale down of orperations...etc
 

grandpa

Village Elder
#12
Cash flow issues cause there are delays in your 10K transaction?

Sportspesa is Billion KES business by the time it gets cash flow issues to that level there will be steps like reducing betting wins, sponsorships, reduced odds, scale down of orperations...etc
Not really. You would be shocked. This is what big business does. Take your deposit and use it as credit for your business. For example Unilever only pays out exactly 60 days after receiving and confirmation of an invoice. And this is an ERP that decides not a human being so it is impossible for you to get paid in 10 or 4p days because you know someone.

Might be the same case here, Sportpesa has obviously modelled how much they expect to receive on a daily basis including the season etc and how much they will move into investments e.g. offshore accounts, fixed accounts etc. So maybe the cashflow being received at the moment is less than expected and withdrawals less than expected so they have to bring in some extra cash.

mpesa processes 10k transactions a second, probability of delay is EXTREMELY minimal
 

Shaka

Village Elder
#14
Betting is damaging our economy than the alcohol problem, how do you allow a foreign company to start a betting bizness. They produce nothing, just taking money from the economy. Give a certain percentage to who is who in govt and keep the rest.
 

spear

Village Sponsor
#16
Not really. You would be shocked. This is what big business does. Take your deposit and use it as credit for your business. For example Unilever only pays out exactly 60 days after receiving and confirmation of an invoice. And this is an ERP that decides not a human being so it is impossible for you to get paid in 10 or 4p days because you know someone.

Might be the same case here, Sportpesa has obviously modelled how much they expect to receive on a daily basis including the season etc and how much they will move into investments e.g. offshore accounts, fixed accounts etc. So maybe the cashflow being received at the moment is less than expected and withdrawals less than expected so they have to bring in some extra cash.

mpesa processes 10k transactions a second, probability of delay is EXTREMELY minimal
The real owners of sportspesa are in a yacht somewhere making $ millions monthly on the backs of poor locals here. That matrix of payments bouncing from different platforms in different countries is designed to hide the complete picture of revenue and volumes made a day. With that war chest of cash they can influence policy where necessary. Parliament proposed a 50% tax on betting firms. 25% of it was to fund the stadium build, 15% treasury and 10% for funding various sports federations. They ran a cash payout and parliament reduced it to 35%. That was not the end. When Parliament rejected CS Rotich budget bill due to tax increases and amended it, President Uhuru refused to sign the amended bill. He returned it to Parliament to reinstate them and it came in form of a memorandum which included more changes. Sports betting tax was reduced to 15% falling into sportspesa narrative that they still pay 16% VAT. However I know former PNU official Kibaki nephew Alfred Gitonga and now one of the acting Jubilee Party official was crucial in getting state house to reduce the tax %.
 
#17
The real owners of sportspesa are in a yacht somewhere making $ millions monthly on the backs of poor locals here. That matrix of payments bouncing from different platforms in different countries is designed to hide the complete picture of revenue and volumes made a day. With that war chest of cash they can influence policy where necessary. Parliament proposed a 50% tax on betting firms. 25% of it was to fund the stadium build, 15% treasury and 10% for funding various sports federations. They ran a cash payout and parliament reduced it to 35%. That was not the end. When Parliament rejected CS Rotich budget bill due to tax increases and amended it, President Uhuru refused to sign the amended bill. He returned it to Parliament to reinstate them and it came in form of a memorandum which included more changes. Sports betting tax was reduced to 15% falling into sportspesa narrative that they still pay 16% VAT. However I know former PNU official Kibaki nephew Alfred Gitonga and now one of the acting Jubilee Party official was crucial in getting state house to reduce the tax %.
Betting companies should not be overtaxed. I don't support the idea of overtaxing companies and giving all the money to government, especially corrupt governments like the one that you serve. The current government cares zero about sports in the country.

If it was not for the likes of SportPesa, many team sports would be on their death beds.

SportPesa's massive investments in sports have started to pay off. KPL and TPL, both heavily funded by SportPesa, are attracting top players from the region, all thanks to the betting firm. If you doubt me, just check how far Gor and Simba went in CAFCC and CAFL respectively. I dare to say this, Tanzania and Kenya went to AFCON partly because of the improved football standards in both countries and all that is because of SportPesa. Boxing is also gaining supporters, all thanks to SportPesa. Government had neglected boxing kabisa.

Compare what SportPesa has done to what this thieving government has done for sports. Stadiums? Zero! Even building a decent stadium for athletics imekataa.
 

Top