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Pulse Sports reported that Kenya’s Sports Development Fund initiative has hit a record Ksh48.2bn (US$322.9m) milestone from betting revenues.
The Sports, Arts and Social Development Fund was created by the Government with the aim to prioritise sports development and build new athlete reward schemes.
Kenyan’s Sports Cabinet Secretary, Ababu Namwamba, has disclosed that the Government-designed initiative has generated Ksh48.2bn from betting revenues across the last five years.
Subsequently, Namwamba reported that the fund has distributed Ksh41.7bn of the revenue generated across the sports, arts and social sectors in the last half-decade.
This was Namwamba’s first official appearance at Question Time before the Senate, where he addressed various inquiries put forward by the Senators concerning his ministry.
The prime beneficiary of the money raised is the sports sector, which secured the majority, taking away 65% of the total disbursements. This money will go into investing in Kenyan athletes and sports infrastructures within the country.
Taking 30% of the pot is the social development sector and the arts and culture segment of the country has received a 5% disbursement.
According to Pulse Sports: “In an effort to acknowledge and reward groundbreaking achievements in athletics, the Government has instituted a new cash reward of Ksh5m for those who break world records.
“This prestigious award has already seen its first recipients in the likes of standout athletes Faith Kipyegon and Kelvin Kiptum.”
Sports Cabinet Secretary of Kenya, Nawamba, stated: “The Government has significantly raised rewards for medal winners to Ksh3m, 2m and 1m for gold, silver and bronze, respectively.”
