Virginia bills to reinstate promotional tax deductions for betting operators tabled in committee

Virginia bills to reinstate promotional tax deductions for betting operators tabled in committee

Article brief provided by Sports Handle
  • Bennett Conlin, Sports Handle
February 16, 2023 9:10 PM
  • Bennett Conlin, Sports Handle

A pair of Virginia bills backed by major sports betting operators were tabled in the House Appropriations Committee this month. SB 1142, which was tabled Monday, would allow sportsbook operators that have operated in the state for more than 12 months to exclude promotions from taxable revenue, up to 1.75% of their monthly handle.

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A budget amendment passed last year prohibited mobile sports betting operators from excluding bonuses or promotions from adjusted gross revenue 12 months after they begin sports betting activity in the commonwealth.

The Sports Betting Alliance, a coalition of BetMGM, DraftKings, Fanatics Sportsbook, and FanDuel, have lobbied for promotional tax deductions to be reinstated in some capacity.