Government’s 10% tax on sports betting winnings takes effect today

Gamblers will from today, Tuesday, August 15, 2023, pay a 10% withholding tax on all betting, games, and lottery wins.

This follows the government’s decision to amend the Tax Act, therefore, introducing withholding tax on winnings from sports betting and lottery.

The betting industry in Ghana has seen tremendous growth in the last decade, leading to many betting companies setting up shop in the country.

In recent years, sports betting has often divided opinion among Ghanaians, with some quarters highlighting its effects on the youth. Others also believe betting is legal and therefore cannot be described as a bad practice when no laws are broken.

The decision to introduce a 10% withholding tax has, however, been criticized by Ghanaians, some of who took to social media to bash the government.

The Majority Leader in Parliament, Osei-Kyei Bonsu was heavily bashed after he said betting does not encourage hard work but rather teaches people to engage in lazy activities.

The new betting tax means punters will have to surrender 10% of any amount they win to the government in the form of tax. 

LSN/KPE