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What the Sports Betting Levy means for Zimbabwe Sports

by Agencies
02 Jul 2018 at 17:40hrs | Views
Find out how the most recent levy is affecting those in Zimbabwe who engage in online sports betting and what the levy means.

What the Sports Betting Levy means for Zimbabwe Sports

With the presentation of the 2018 budget, the government of Zimbabwe will be adding a levy to all bookmakers that offer online sports betting. The new levy will collect 5% of gross earnings which will then be used to enhance resources and upgrade any community sports within the country. The new levy does not change how bettors will engage in sports betting, but is aimed at sites that operate online and land based betting locations. These operators will have to pay the levy to the government, which ill actually help with the development of sports in the country.

Development of Domestic Sports in Zimbabwe
The main goal of the new levy is not to punish those that are engaging in sports betting, but to generate revenue to help with the growth of sports in the country. The revenue that is generated will also help create and maintain a recreation infrastructure. Under the latest 2018 budget, the finance minister will be imposing a 5% levy on all gross revenue that is generated from sports betting activities. With so many trusted and respected sites offering betting options to Zimbabwe residents, this levy is capable of generating thousands, even millions that can be used to enhance the sports within the country. Anyone who bets on basketball games in the NBA or any other professional league for that matter, will be helping the country of Zimbabwe to improve the sports and recreations that are currently being offered.

Online Betting Options
The majority of residents in Zimbabwe will make use of land betting options since there is not much internet use in the country. However those that do have access will find there are some trustworthy sites that will support real money wagers from punters in this location. There are a number of betting options that can be enjoyed online and toe that have a love for sports and are looking to make money from bets will find there are hundreds of legally operating sites that are available. These provide the ability to bet on major sports and events such as the World Cup in Russia. The new levy will only affect operators that are located in Zimbabwe. Between online betting and land betting sites, it is believed that bookmakers generate around $30 million in profits. With the 5% levy, this can lead to huge funds that can promote sports in Zimbabwe and provide a better recreation program.

Even though there are not many Zimbabwe based sports betting sites up and running, those that are available now host a wide array of sports, events and betting options. For many years, residents of Zimbabwe were restricted to betting at land locations and only had the ability to place horse racing bets. With the offering of online sites that provide legal and trusted services, these residents now have new ways to engage in betting. Once the levy goes into place, the revenue generated from such sites that are located in the country will help to stimulate the economy, which is something Zimbabwe very much needs. Aside from offering more betting options and a way for punters to earn money from bets, the offering of online sports betting expands those options, offers better odds and great payouts, so it has become a leading way for Zimbabwe gamblers to place wagers and generate payouts that are often used as a main source of income.

Sports Betting is On the Rise
For many years, residents of Zimbabwe have suffered from dismal economic status, leaving many looking for ways to earn money to survive. Sports betting has become one way for many to earn a living in the country and over the past few years betting has been on the rise. Some have been making their complete living by betting on horse races in the country since formal employment is hard to come by. In Zimbabwe, sports betting is controlled by law and other forms of gambling are illegal. The Gaming and Lotteries Act regulates all sports betting actions in the industry within the country. For many years horse racing was the only sports betting option in the country, but in the past few years, other betting companies have been granted a license to operate within in Zimbabwe, offering more options to punters such as bets on professional sports and leading events like the upcoming 2018 Wimbledon Grand Slam Tour. Other popular betting options include those on basketball, dog racing and cricket.

Due to such an increase in sports betting, the government actually stopped granting licenses to sporting establishments in hopes of curbing the rise in betting. This is a means of survival for many in Zimbabwe and these punters will continue to place their wagers when they can in order to earn a living and survive. With the new levy, bettors will play an important role as their wagers will all be a part of the money that is collected by the government thought the 5% levy now in place. While the government of Zimbabwe does support the offering of online betting, there was such an increase in gambling activities that the country had to put a stop to new licenses to control the rise of online betting. This did not stop punters from gaining access to sites that are operating offshore, so even with a restricted number of betting sites within the country, there are always great betting opportunities where Zimbabwe residents can engage in superior betting action and enjoy the best possible odds being offered online.

The current economic situation in Zimbabwe still has many turning to sports betting is a form of income and there are closed industries and lack of employment opportunities, so many have no other choice. the new levy that is proposed in the 2018 budget will hopefully stimulate the economy as well and will promote and support local sporting events, teams and organizations.

Source - Agencies