Sports betting, (Sportybet, betway, betpawa mybet, melbet, soccabet) ,chance games, and lottery winnings are now subject to a new tax in Ghana. For domestic contestants, a 10% tax on all winnings will be imposed.
In addition, a 20% tax on profits will be levied against betting companies doing business in the nation.
Many Ghanaians have reacted differently to the implementation of this new tax. While some have applauded the decision as a way for the government to raise money, others have criticized it as placing yet another burden on people that are already heavily taxed financially.
In recent years, Ghana’s betting sector has expanded substantially as more people resort to it for easy money.
That means when you win GHC 100,000.00 your winnings are being taxed GHC 10,000 From it giving you GHC 90,000.
These are some comments from Twitter
🚨 Ghana 🇬🇭 has introduced a new tax for betting, games of chance and lottery. Tax will be 10% on all winnings.
Betting companies will also have a 20% tax on all revenue. pic.twitter.com/SVWQLhgh4v
— Gary Al-Smith (@garyalsmith) April 5, 2023
Taxation is crucial for government revenue, but the 10% tax on all bets may harm Ghana’s youth who already face economic challenges. Many young people rely on betting due to the lack of job opportunities, taking 10% from our betting earnings seems unfair.
— GameAnalyst 𓃵 (@GameAnalyst3) April 6, 2023
As a Senior investor I think one negative effect of implementing a 10% tax on sports betting could be that it may discourage some people from participating in sports betting altogether. The added cost of taxes could make it less appealing for some individuals to place bets,…
— Enokay69 (@enokay69) April 6, 2023