India-based social and mobile gaming operator Nazara Technologies has bought into Kenya’s real-money sports betting market, despite ongoing uncertainties regarding local tax obligations.
On Monday, Indian media outlets reported that the Mumbai-based Nazara had established a Kenyan subsidiary, NZWorld Kenya Ltd, which holds a license issued by Kenya’s Betting Control and Licensing Board. Nazara will hold 70% of NZWorld, with its local partner controlling the remaining 30% stake.
Nazara CEO Manish Agarwal noted that real-money online gambling isn’t yet legal in India, but is “a very big market in Africa and is the main reason why we are setting up a new entity in Kenya.” Agarwal added that his company is investigating further real-money regional opportunities in Cameroon, Ghana and Nigeria.
Nazara plans to introduce its existing products into the Kenyan market, including its social prediction sports and fantasy sports apps. The real-money products will launch in Kenya ahead of this month’s kickoff of the 2018 FIFA World Cup.