Good News To Kenyan Gamblers! New 20% Betting Withholding Tax Calculation & How It Works

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Kenyan betting firms on Thursday November 7, 2019 won a case challenging the contentious 20 per cent withholding tax against the Kenya Revenue Authority (KRA). This came after the Tax Appeals Tribunal Court ruled that a bettors’ stake in a bet should not be taxed.

The court ruled that the 20 percent withholding tax should only be applied on the net winnings only and not the total winnings including stake.

Net winning is the amount arrived at after subtracting your initial stake. Total winnings include both your stake and profit.

Now let me break down what the ruling means by an example:

Assuming you want to bet on Liverpool vs Manchester City - Both Teams to Score @ 1.50 Odds, and you want to stake KSh.500.

Stake = 500

Odd = 1.50

Possible Winnings = Stake * Odd;

So your possible winnings will be;

500 * 1.50 = 750.

Am hopping you aren’t lost up to that point.

Now let’s apply 20% Withholding tax to our bet;

Profit = Possible Win – Initial Stake;

Profit = 750 – 500;

Profit = 250;

Withholding Tax = 250 * 20 %(0.2);

Withholding Tax = 50;

Net Profit = Profit – Withholding Tax;

Net Profit = 250 - 50;

Net Profit = 200;

Now let’s find out what will be our total payout after lawfully paying your betting tax to the Kenyan government.

Total Payout = Possible Winnings – Withholding Tax;

Total Payout = 750 -50;

Total Payout = 700.

Isn’t that awesome?

Now in case you had given up on betting due to the hefty tax charges you can get back to business by signing up with BETWAY KENYA who have already complied with the new tax policy and gives you 50% deposit offer of up to KSh 5,000.

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TUKO TIPS PREDICTIONS EXPLAINED

1X2 PREDICTIONS

Primarily, 1X2 was the original form of betting before betting companies advanced the field and introduced more markets to betting. Consequently, Tuko Tips has taken it upon itself to provide timely 1X2 predictions to our customers on a daily basis. Such predictions may vary due to the frequency at which our system updates them based on new developments.

1 – used to represent a win for the Home Team
2 – used to represent a win for the Away Team
X – used to represent a draw at the end of a game, hence, implying that upon completion of the 90 minutes allowed no team managed a win

Additionally, Tuko Tips offers more options to the 1X2 tip whereby we combine two possibilities in a game and call it DOUBLE CHANCES. Such combinations are a prediction that the game can end as illustrated below;.

1X – Suggests that the game can either end with the home team winning (1) or end as a draw (X)
X2 – Suggests that the game can either be won by the away team (2) or end with no win, thus, a draw (X)
12 – Suggests that one of the two groups either the home or away team will win the game, therefore there is no provision for a draw in this tip

OVER / UNDER GOALS PREDICTIONS

Over or Under goals prediction tip is majorly based on the total number of goals scored generally at the end of a given game. Odd makers evaluate the possibility of the entire match containing an absolute maximum and a minimum number of goals before deciding an odd. Therefore, to decipher this, customers should envision how a game will end and select either Over or Under the set limits by the Odd makers.

How to play and bet using goals over or under prediction tip

Goals over or under prediction market are the simplest among all other markets. The player is required to predict the number of goals to be scored in a game based on the set limit by choosing under or over that limit. Ideally, it can be after the first half (45 minutes) or at the end of the 90 minutes. The policy does not apply upon on extra time, that is, after the 90 minutes. Our scope of analyses covers the over-under goal prediction tip ranging from 0.5 goals to 3.5 goals. We illustrate the ranges as follow;

Under 0.5 or Over 0.5 – Suggests that the game can either end with at least one goal or more than one goal
Under 1.5 or Over 1.5 – Suggests that the game can either end with at least two goals or more than two goals
Under 2.5 or Over 2.5 – Suggests that the game can either end with at least three goals or more than three goals
Under 3.5 or Over 3.5 – Suggests that the game can either end with at least four goals or more than four goals

BOTH TEAMS TO SCORE PREDICTIONS

As the name suggests, Both Teams to Score Prediction tip is entirely tied to goals. It is considered the most popular prediction market among customers because it is easy and straightforward to comprehend. It requires that for a win to be achieved the two competing teams need to both scores at least one goal regardless of the final result. For instance, it does not matter which team wins the game at the end of the game, results might be 6-1, or 1-6 but the customer will have won the bet since both sides scored.

Advantage of Using Both Teams to Score Tip.

The Both Team to Score tip has by far been described as the ‘Saviour' in that, the introduction of this market in betting has allowed players to have still hope of cashing in even when their favorite team is losing. For instance, in a game between Manchester United vs. Liverpool, the results at half time could be 4-0 respectively. A clear indication that Liverpool has lost the match, however, despite the customer being a Liverpool fan, he/she has a hope of winning his/her bet because what he/she relies on is Liverpool scoring what can be called a consolation goal. In such an event, he/she wins the bet.

CORRECT SCORE PREDICTIONS

Correct Score prediction is by far the most robust and complex type of betting puzzles to crack. It requires a broad and critical analysis of previous matches, squad form, trends of goal scoring, and in-depth analyses of the two antagonizing teams' coaching manuals.

2+ ODDS DAILY TIPS

In this category our professional team of expert tipsters will put together 2 – 3 matches with odds of 1.35 – 1.74 which when multiplied gives you an average of 2 Odds. Here our 2+ Odds Daily predictions cover all betting markets which include 1X2, Over/Under, Both Teams to Score and many more football markets.

The advantage of using 2+ Odds Daily Tips strategy is that you can easily double your earnings with just one bet.

SUPER SINGLE TIPS

As the name suggests, this is a tip with only 1 match. In this tip we are a looking for 2 teams where by one team scores a lot of goals or the other team concedes a lot of goals. The possibilities are often large; Over 1.5 goals for the home or away team, Over 2.5 goals or even more.

In this category our team of expert tipsters at Tuko Tips will prepare for you about 2 – 5 daily super single tips with odds starting from 1.75 and reaching as much as 3.00. The concept of this kind of betting is earning quickly a capital by making more risky bets.

Generally this is the most preferred method of betting due to the fact that after a couple of consecutive wins your capital rises significantly. And in case of eventual loss of one game, the win of the other will compensate partially the financial disadvantage, so that with the remaining bankroll you’ll still have the possibility for future wins.

ACCUMULATOR TIPS WITH 10+ ODDS DAILY

An accumulator tip is also referred to as an ‘ACCA’. An Accumulator Bet is a bet in which several selections are combined, and the odds multiplied to calculate a potential pay out. There is no limit to the number of selections you can make, but you need all of them to win in order to cash out.

The main advantage an accumulator bet is that you can turn a very small amount of money into a huge amount in just a day. This is why football accumulators are so popular, if you only have Ksh.500 investment capital for the week you can place a couple of Ksh100 accumulators with the hope of one (or even both!) of them winning and returning big sums of money. Accumulator Tips are fun and good value for money when capitalized correctly.

Everyday our team professional tipsters will provide you with 1 accumulator tip containing 10+ Odds Daily to 50+ Odds Daily.