Virginia tax break helps sports betting companies

Since legalized sports betting has made its debut in Virginia the state has collected tens of millions of dollars in tax revenue. However a tax break is in place that reduces their obligation, a review of the states lottery numbers found companies have offered $168.8 million in bonuses and promotions. That promotional money can be deducted from each of the companies tax obligation. The state took in $26.7 million in tax revenue but promotional write-offs negate 43.7% of the revenue.