Te Finance Act amends the Gaming Act, by reducing gaming tax on winnings from 20 per cent to 15 per cent to encourage players to bet via locally licensed gambling sites. A 10 per cent tax rate on virtual sports was approved as well, but the government also increased the gaming tax from 25 per cent to 30 per cent of gross gaming revenue (GGR) for sports betting.
Population
Nearly 60 million people live in Tanzania, the fifth largest country in Africa in terms of demographics. Its population is expected to reach 186.9 million by 2065. Young people aged 15-34 are projected to increase from 17.8 million to 62.3 million by 2065.
Political and Economic Outlook
Tanzania has held regular multiparty elections since its transition from a one-party state in the early 1990s, but the opposition remains relatively weak. In July 2020, Tanzania formally graduated from low-income country to lower- middle-income country status.
Growth slowed to 2.1 per cent in 2020 from 6.8 per cent in 2019 because of Covid-19. However, Tanzania's central bank said that it recorded a 4.9 per cent economic growth in the first quarter of 2021.
Sports Betting Regulation
The Gaming Board of Tanzania is a gaming regulatory body that was established under the Gaming Act, which became effective in 2003. Sports betting has been legalised since the late 1990s.
In January 2018, Director General of the Gaming Board of Tanzania, James Mbalwe, said that the number of gaming companies had increased from five in the past three years to as many as 26, while
gambling tax revenue was increasing steadily. In 2018, the gaming market was valued at $16m, and it is projected to almost double to $31m by 2023. The government is under some pressure from religious leaders who want a ban on betting. In 2019 at a meeting with then President John Magufuli, the deputy chairman of the Dawoodi Bohra community, Zainuddin Adamjee, said they were worried about the rising gambling addiction among the youth and asked for the president's intervention.
All the same, the industry is likely to continue to grow. In 2019, the government legalised virtual games. Tanzania's Revenue Authority published its Finance Act in 2021, which was enacted by President Samia Suluhu Hassan in June 2021. The Finance Act amends the Gaming Act, by reducing gaming tax on winnings from 20 per cent to 15 per cent to encourage players to bet via locally licensed gambling sites. A 10 per cent tax rate on virtual sports was approved as well, but the government also increased the gaming tax from 25 per cent to 30 per cent of gross gaming revenue (GGR) for sports betting.
P88 WIRE / PULSE / INSIGHT / REPORTS
TANZANIA
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