Nairobi, July 14 -- Gamblers placed bets worth a record Sh330.5 billion in the year to June as the State eased punitive taxes on the sector, which outpaced new investments at the Nairobi Securities Exchange (NSE).

Data from the Kenya Revenue Authority (KRA) shows the boom in online gambling, with the taxman netted Sh16.5 billion in excise taxes from the industry, surpassing its target by 15.9 percent.

This emerged in a period when Kenya lowered excise duty to five percent from 15 percent, offering relief to gamblers.

The KRA says the five percent generated Sh16.5 billion, indicating that gamblers staked Sh330.5 billion, riding a wave of enthusiasm for sports, up from Sh88.2 billion the previous year.

At Sh330.5 billion, the bets surpa...