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
According to Virginia Lottery reports, sports betting revenues rose from $1.87 million in June...
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.(Photo: The Virginia Mercury)
Published: Sep. 6, 2022 at 11:16 AM EDT
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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.

Full story on VirginiaMercury.com >

NBC12 is a partner with The Virginia Mercury, an independent, nonprofit online news...
NBC12 is a partner with The Virginia Mercury, an independent, nonprofit online news organization covering state government and policy.(Virginia Mercury)