Virginia sees big tax bump from sports betting and casinos

 

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Virginia is collecting more tax revenue from sports betting and casinos than fiscal analysts predicted four years ago when the state was considering legalizing more types of gambling. 해외 배팅 에이전시 주소 추천

  Taxes from sports betting more than doubled in fiscal year 2023, according to Virginia Lottery figures presented Tuesday, jumping to $67 million from $27 million the prior year. Four years ago, a state gambling study predicted Virginia could see up to $55 million in annual tax revenue from sports betting once the industry was “fully developed.”
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The revenue increase was driven largely by a recent tax policy change that prevented established sports betting companies like FanDuel and DraftKings from deducting the cost of free bet promotions and other wagering bonuses from their state tax bill. However, the total amount Virginians wagered on sports betting also grew, rising from roughly $4.2 billion in fiscal year 2022 to $5.1 billion in fiscal year 2023. 아시안커넥트 우회

  Virginia lawmakers voted to legalize sports betting in 2020, and digital sports betting platforms went live in the state in early 2021.
  "We can clearly see a strong growth trend in collections over the first three years," Kelly Gee, former executive director of the Virginia Lottery, said Tuesday in a presentation to the Senate Finance and Appropriations Committee. 핀벳88(피나클) 회원가입

  Mr. Gee, who was appointed by Gov. Glenn Youngkin and has led the lottery since last summer, is taking on a new role in the Youngkin administration as federal secretary.
Virginia's developing casino industry also appears to be outperforming expectations in its early stages, according to Lottery numbers, although some casinos remain open in temporary locations until larger facilities are built. ing. Bristol's temporary Hard Rock Casino, which opened in July 2022, reported net gaming revenue of $157 million in its first year of operation. This is more than his $130 million predicted in a government study of fully established casinos. As a result, approximately $26 million in taxpayer money was distributed to local governments and a state fund for school construction and modernization. "It's impossible to know whether this activity will continue as it is," Gee said. ``But it's a great start no matter how you look at it.'' Rivers Casino Portsmouth opened in January and was projected to generate $167 million in annual gaming revenue, but has already finished its $120 state budget year. It had reported net revenue until June. a million. The Portsmouth facility generated approximately $17.9 million in tax revenue. The recently opened temporary Caesars Casino in Danville recorded $31 million in gaming revenue in May and June alone. A 2019 state study predicted that Danville's casino would generate $190 million in annual gaming revenue. "Overall, I think all three were a little better than expected," Gee said.

Another casino is under construction in Norfolk, and Richmond voters will be asked to approve a second casino plan this fall after an initial referendum failed in 2021. Given that the casino developer has invested more than $8 million in Richmond, state Sen. Tommy Normert, R-James City, is leading a campaign to get voters to vote in favor of the project, considering the casino developer has invested more than $8 million in Richmond on Tuesday. , said he fears the state will experience the inevitable. Gambling addiction will become a bigger problem and more expensive for behavioral health agencies to deal with. ``I would like to know what the individual costs are for this surgery,'' said Mr. Normet. As Virginia expands gambling, policymakers enact rules that set aside a portion of the revenue to help people with gambling problems. Approximately $2.6 million will be allocated in fiscal year 2023 for resources to combat problem gambling, with much of the money already going to local social service agencies working on addiction and other mental health issues. It was done. At Tuesday's meeting, Nelson Smith, director of the Virginia Department of Behavioral Health and Developmental Services, said the state estimates problem gambling can affect about 2% of Virginia's population. Ta. "There are probably many more Virginians who aren't seeking help," Smith said.

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