After tax change, Virginia sees 63% bump in revenue from sports betting
Sports betting revenues rose from $1.87 million in June to $3.06 million in July
RICHMOND, Va. (VIRGINIA MERCURY) - Virginia’s tax revenues from sports betting jumped 63% between June and July after state lawmakers ended what some described as a loophole that let betting apps deduct free-bet promos from their profits.
According to Virginia Lottery reports, sports betting revenues rose from $1.87 million in June to $3.06 million in July, the first month the new tax policy was in effect.
The stronger tax revenues came despite a summertime dip in wagering on sports, with about $266 million wagered in July compared to $295 million in June.
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