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Virginia tax break helps sports betting companies

May 2, 2022 4


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Virginia tax break helps sports betting companies

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.

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