Sports betting is the newest thing taking Kenya by storm following the fall of casinos a practice that has affected a large number of the Kenyan people especially the male youth. Despite the fact that most of its lovers would prefer to view it as an investment where you place your money with an aim of getting it later with a benefit, the bitter truth is that the practice is actually a legal form of gambling which also brings the lotteries on board. By definition gambling and betting is a game of chance where you can either win or lose. Let no one lie to you-gambling and betting are one and the same.I have watched people celebrate especially when they hit a jackpot. How beautiful it is when those who have hustled all their lives get an opportunity to be called millionaires. Many young people are hitting mind-boggling fortunes.
“Gambling can best be defined as a social disease, motivated by economic reasons. Gambling and betting is the worst “source of income” that anybody can ever depend on. Any country whose citizens depend on such chances for survival is at the verge of losing many of its subjects to poverty, scarcity and lack.
A student at Kabianga University has committed suicide by hanging himself after he allegedly lost all his tuition money to a Sportpesa bet. The student who was identified as Edwin Mogaka was found hanging from a tree inside a small thicket near Kabianga University. Its alleged that Edwin lost a bet of 20,000 during a recent Chelsea Vs Liverpool match, where Chelsea lost 2-1. Just last month, a man committed suicide after he lost a Sh 45,000 to Sportpesa. Together with his wife, they had borrowed the money from a local commercial bank for a family development project, but be first decided to ‘invest’ the money in a Sportpesa jackpot bet. He lost all of it and thats when he made the radical decision. Another man who works in a Nairobi bank lost Sh 450,000 to a bet. The money was also loan they had borrowed from Equity bank with his wife. (http://news-kenya.com/2016/03/13/kabianga-university-student-commits-suicide-losing-school-fees-sportpesa/)
Why people play
- Get-rich-quick desire
Here are the reasons distinguishing betting from investing?
When one places a bet he has nothing tangible for the reason apart from the confidence he has on the team, unlike in an investment where one considers a number of things including the probability of getting something back, business location, legal procedures like licencing and business partners.
In an investment, the investor has to do several follow ups to ensure that everything is well or even spend much of their time supervising their investments.Also, unlike in an investment where one stops to venture into other businesses in an event that the returns are low, sports betting is addictive.In sports betting the bettors only want money to spend at the moment while in investment the investor bases the idea on the future as the investment, if successful can be sold to another person at a higher price or passed down to a heir. So Be Wise And Invest.