Sports Betting Company Betin is closing shop in Kenya.
In an internal memo sent to all staff on Friday, the company said it’s terminating all the contracts of its’ staff by way of redundancy.
The letter is signed by Betin Kenya managing Director who did not give his name but his signature.
“This letter serves as a notice by reason of redundancy. This has been occasioned by the fact that we have not been in operation since July 2019. A fact we are all aware of, the management has had several extensive meetings with relevant government entities regarding the companies license renewal without much success” the letter read.
The Company told the staff that in view of the above, it has had financial constraints.
Betin said as a result of the deterioration of the profitability, the management has had to rethink its operational model and to proceed with the exercise of redundancy.
“The management has made several attempts to find an alternative between July 2019 and September 2019. But it has become financially impossible to maintain the entire workforce. We hereby notify you that positions will be rendered redundant on 31st October 2019. This notice is given in accordance with section 40 of the employment act 2007,” Betin told its’ staff.
In July, the Betting Control and Licensing Board declined to renew the licenses of 19 Betting firms pending security vetting of their operations and directors.
The board said it had deferred the renewal of licenses for 13 casinos, six lotteries and eight betting firms.
In April, Interior Cabinet Secretary Fred Matiang’i directed that all companies involved in gaming be vetted afresh.
One staff from Betin told Hot News that Betin Kenya Directors who were of Italian descent were deported in August.
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