Three years ago, when sports betting was roaring like a wild bush fire and every youthful football fan was drawn into gambling, two university students known to this writer placed bets on a weekend. One of them placed Sh10,000 on what was seen as a safe bet, with odds of just over two, for a potential return of slightly over twice the money he had invested.
The other, a carefree spirit who only deposited pocket change into his account, wagered Sh100. On Sunday, one of them was a disconsolate mess, lamenting the loss of savings that had spanned months. The other, from a mere Sh100, had won over Sh400,000.
Depending on which of the two men you ask, gambling is an investment that can either trigger a heart attack or boost the kitty from which one intends to pay dowry. In 2020, a report emerged that in 2019 alone, local punters wagered more than Sh30 billion in a single month. Lost in the frenzy were the youth, a majority of who struck loss after loss, hoping to finally hit the jackpot and bag millions of shillings. For well over 99 per cent, their get-rich-quick dream failed.
Gambling probably easily beats other investment avenues in popularity because of the often false promise of quick riches that come with little sweat. However, for those who are prudent in investment and are keen to track progress of their money, gambling is a sin, a crime; an abomination.
From global market funds, to treasury bills and bonds and mutual funds, there are countless conventional investment avenues available. Savings and credit cooperatives societies (Saccos), real estate and merry-go-rounds (chamas) also provide an avenue for savings. READ MORE
But a generation big on easy and quick profits has altogether shunned these conventional, saving methods and have been prioritising gambling, or anything that promises instant returns. And even as Saccos continue to thrive, a considerable fraction of the youth avoids it as they find easier alternatives, a far cry from the situation of several decades ago.
Any institution that can facilitate access to credit quickly is now preferred to every other saving avenue, in spite of any other misfortunes it may bring. It is no surprise that Kenyans have ended up in the shackles of the unregulated online lenders who, in addition to charging exorbitant interests snoop on debtors and even shame them to relatives and close associates. Shylocks, too, have […]
