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Kenya Sports Development Fund Hits Ksh 42.8 Billion from Betting Revenues

Ababu Namwamba, the Sports Cabinet Secretary, revealed that over the last five years, betting activities generated an incredible Ksh48.2 billion for the Sports, Arts, and Social Development Fund, a government initiative to support the nation’s sports, arts, and social development sectors. Kenya

Namwamba revealed that the Fund had disbursed Ksh41.7 billion to these sectors over the last five years.

The sports industry has benefited the most, receiving 65 percent of all funds, which translates to a significant investment in the nation’s sporting infrastructure and talent.

The social development sector comes in second with 30% of the total, followed by the arts and culture sector with 5%. Kenya Sports Arts Social Development Fund Ksh48.2 billion

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In the last Financial Year, 2022/2023 the Fund realized revenues of Sh10.4 billion. The Oversight Board approved a generous disbursement of Sh7.9 billion to various sectors: Sh6.3 billion to the Sports Sector, Sh1.2 billion to the Social Development Sector, and Sh324 million to the Culture and the Arts Sector.

Ababu Namwamba, CS Sports

To recognize and honor exceptional accomplishments in sports, the government has introduced a Ksh5 million cash incentive for athletes who shatter global records. The inaugural winners of this esteemed prize include Faith Kipyegon and Kelvin Kiptum, two exceptional athletes.

To emphasize the government’s commitment to developing and recognizing domestic talent, the government has significantly increased rewards for medal winners to Ksh3, 2 and 1 million for gold, silver, and bronze, respectively.

Namwamba added.

However, the rewards don’t end there. The establishment of the “Hongera Awards” has created a new wave of acknowledgment and compensation. With this award, a Ksh25 million cash reward backlog that had been unpaid for more than ten years has been cleared, and it has also taken the noteworthy step of honoring Kenyan sports stars who date back to the 1960s. Kenya Sports Arts Social Development Fund Ksh48.2 billion

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