A young man named Lamech has opened up about his distressing experience of losing a staggering sum of KSh 6 million (N33.5 million) over two years due to an 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 poverty, he approached his friend for a small loan of KSh 50 (N279.91).
To his surprise, Lamech turned this modest sum into a significant profit of KSh 3,000 (N16,794.30) on his first attempt. However, instead of repaying the borrowed amount, he found himself drawn into the addictive world of online betting.
Initially successful, Lamech made substantial amounts of money, earning tens of thousands and even hundreds of thousands of Kenyan Shillings on good days. However, living with his parents and being a university student, he failed to consider more stable investment opportunities.
The turning point came between October 2021 and October 2023 when he lost all the money, marking a dark period in Lamech’s life. His story serves as a cautionary tale about the dangers of unchecked online betting and the potential financial consequences it can bring.
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.”
See below;