A young man named Lamech has shared a distressing account of losing a significant sum of KSh 6 million (N33.5 million) over a span of two years, all attributed to his addiction to online betting.
Lamech recounted that his financial downfall began in 2018 when a friend introduced him to the world of online betting. Initially seeking a solution to alleviate poverty, Lamech approached his friend for a modest loan of KSh 50 (N279.91).
To his astonishment, he managed to turn that meager sum into a substantial profit of KSh 3,000 (N16,794.30) on his initial attempt.
However, instead of repaying the borrowed amount, Lamech found himself captivated by the allure of online betting.
As he got more into online betting, he made a lot of money at first, earning tens of thousands and even hundreds of thousands of Kenyan Shillings on good days.
Since he was living with his parents and still a university student, he didn’t think about investing in more stable opportunities.
The young’s man’s life took a bad turn between October 2021 and October 2023 when he literally lost all the money.
In his words:-
“I went to be with it and earned KSh 3,000 (N16,794.30). I never returned the money, but I continued betting on the sites. The game was new, and since the developers wanted to win clients, I was making good money. Within no time, I was getting tens of thousands per day and eventually hundreds of thousands on good days.”
“My transactions were so many because money was coming in and going out. All went well; I could buy items like a TV, radio, and clothes. I did not care to invest because I was a university student and staying with my parents, so they had my back.
“I was so addicted to the game, and because of the frustrations of losing, I had to give up my household items at great losses. I lost KSh 4 million and three posh cars. My total transactions for the two years amounted to over KSh 6 million. But now I am broke.”