Eight betting companies are expected to start operations in Malawi after getting approval from the National Lotteries Board (NLB) and Malawi Gaming Board (MGB).
The companies include Betika, Hollywood Bets, Headsquare, Mobipay, Kuwina and Betani.
Chief Executive Officer for Malawi Gaming Board, Foster Mlumbe, said they conducted a rigorous evaluation process and out of 17 applicants, the eight emerged successful.
“This industry requires liquidity, when one wins, he needs to be paid promptly, so the evaluation was very critical to ensure that only applicants that have got the financial muscle should enter the industry,” said Mlumbe.
Sports Betting has gained popularity over the past few years and some Malawians have become millionaires by betting on games.
In 2019, a man in Blantyre won K109 million while in May this year, one person won K77 million after betting on football games.
Last year, government introduced 20 percent Withholding Tax on winnings and the tax became effective on 3rd November 2020 when the Taxation (Amendment) Act was gazetted.
Premier Bet, Premier Lotto and World Star Betting are some companies that were already operating in Malawi.
