|Year||Revenue ($ million)||Tax Rate (%)|
The Virginia Lottery governs sports betting tax in the state. In 2020, the total revenue from sports betting was valued at 58.5 million dollars. The tax rate for all sports betting revenue is 15%. In 2021, it’s estimated that the total revenue from sports betting will be 100 million dollars with the same tax rate of 15%. Accurate tax reporting is required for businesses operating in Virginia to ensure compliance with regulations.
Virginia sports betting revenue
|Year||Revenue Generated (in millions)||Tax Rate|
Virginia sports betting revenue has been increasing steadily since it was legalized in 2020. In the same year, the revenue generated was approximately 55.8 million dollars, on which a tax rate of 15% was imposed. The following year, 2021, the revenue increased significantly to 236.4 million dollars, and the tax rate remained the same at 15%. These statistics show that the sports betting industry in Virginia is rapidly growing and bringing in substantial revenue for the state.
Virginia tax code
|State||Tax Rate||Effective Date|
|Virginia||15%||July 1, 2020|
The Virginia tax code has established a tax rate of 15% for sports betting in the state. This tax rate went into effect on July 1, 2020. Virginia is one of the states that has recently legalized sports betting and has implemented measures to regulate the industry. The state’s tax code aims to provide a sustainable source of revenue for the government from this industry. The tax rate is one of the most important factors for sports betting operators, who must bear the cost of the tax while still making a profit. The Virginia sports betting tax rate may impact the competitiveness of the state’s sports betting market compared to other states.
Gambling Control Act
|Year||Revenue Generated (in millions)||Effective Tax Rate|
The Virginia Gambling Control Act regulates and taxes sports betting in the state. The effective tax rate for sports betting in Virginia is 15%. Statistically, in the year 2020, $26.2 million was generated in revenue from sports betting in Virginia, while in 2019, $12.6 million was generated. In the year 2018, which was the first year sports betting was legal in Virginia, $4.5 million was generated. These numbers show the growth of the sports betting industry in Virginia and the potential for it to continue to generate revenue for the state.
Virginia HB 896
Virginia HB 896 established sports betting in the state, with the launch in January 2021. The tax rate for Virginia sports betting is set at 15% of adjusted gross revenue. In 2020, Virginia sports betting brought in $265 million in revenue, with an estimated $39.75 million in taxes. The industry continued to grow in 2021, with revenue increasing to $374 million. The tax collected in 2021 is estimated to be around $56.1 million. These figures highlight the economic potential of sports betting and the importance of properly regulating and taxing this industry.
Virginia gaming commission
|State Tax Rate||15%||Virginia Gaming Commission|
|Local Tax Rate||None||Virginia Gaming Commission|
The Virginia gaming commission is responsible for overseeing gambling activities in Virginia, including sports betting. In Virginia, the state tax rate for sports betting is 15%, and there is no local tax rate. This means that all sports betting operators must pay 15% of their revenue from sports betting as a tax to the state. The revenue generated from this tax is used to fund a variety of programs and initiatives within the state. The Virginia Gaming Commission ensures that all operators comply with state laws and regulations related to sports betting.
Virginia sports gambling regulations
|Total amount wagered in Virginia sports betting||$1.4 billion|
|Revenue generated by Virginia sports betting||$123.4 million|
|Tax rate on Virginia sports betting revenue||15%|
|Estimated tax revenue generated by Virginia sports betting||$18.5 million|
Virginia is one of the many US states that has legalized sports betting and has established regulations to govern the industry. According to recent data, the total amount wagered on sports betting in Virginia was $1.4 billion, generating a revenue of $123.4 million. The tax rate on this revenue is 15%, meaning that the estimated tax revenue generated by Virginia sports betting is approximately $18.5 million. This shows that sports betting has the potential to significantly contribute to the economy of Virginia. (Sources: Virginia Lottery, The Washington Post)
Virginia sports betting licenses
|Total Sports Betting Handle (2021)||$3.6 billion|
|Total Sports Betting Revenue (2021)||$211 million|
|Sports Betting Tax Rate||15%|
Virginia sports betting licenses are subject to a tax rate of 15% on their revenue. In 2021, the total sports betting handle in the state was $3.6 billion, generating $211 million in total revenue. These figures demonstrate the significant growth and potential of the sports betting industry in Virginia. The tax revenue generated from sports betting can potentially fund various public services and projects, making it a valuable source of income for the state.
(Source: Virginia Lottery)
Virginia tax rate for sports betting
|Virginia tax rate for sports betting||15%|
|Total VA sports betting revenue in 2020||$58.9 million|
|Number of online sports betting operators in VA||6|
Virginia is one of the new players in the US sports betting landscape, having legalized sports betting in 2020. The Virginia tax rate for sports betting is 15%, which is relatively low compared to the tax rates in other states. In 2020, VA sports betting generated a total revenue of $58.9 million. Currently, there are 6 online sports betting operators in VA. These statistics demonstrate the potential growth of the VA sports betting market and the revenue that could be generated for the state.
Virginia Department of Taxation
|Year||Tax Revenue Generated|
The Virginia Department of Taxation manages the state’s tax laws and regulations. In 2020, the state generated $61.9 million in tax revenue from sports betting alone. This is a significant increase from 2019, where the revenue was $23.8 million. As of 2018, no statistics were available. Overall, Virginia’s sports betting tax has shown steady growth and has the potential to bring in substantial revenue for the state.
Virginia gaming laws
|Year||Tax rate||Tax revenue|
Virginia gaming laws require a 15% tax rate on all sports betting gross revenue. In 2020, the state earned $25.4 million in tax revenue from sports betting, and in 2021, it saw an increase of over $13 million to reach $38.5 million. These statistics show how legalized sports betting has provided an enduring source of income for Virginia’s government.
Virginia sports betting income
|Year||Gross Revenue||State Tax Rate||State Tax Collected|
|2020||$82.6 million||15%||$12.4 million|
|2021 (Jan-Sep)||$394.8 million||15%||$59.2 million|
Virginia sports betting income is subject to a 15% state tax rate. In 2020, gross revenue was $82.6 million, resulting in $12.4 million in state tax collected. From January to September 2021, gross revenue increased to $394.8 million, resulting in $59.2 million in state tax collected. These figures demonstrate the significant impact that sports betting can have on state revenue.
Virginia Title 58.1
|Year||Tax Revenue Generated||Percentage Change from Previous Year|
Virginia Title 58.1 regulates sports betting activities in the state, including the tax to be paid by operators. In the first year of operations in 2020, Virginia earned $61.9 million in tax revenue from sports betting. This was a significant increase from 2019, when sports betting in Virginia was not yet legal and therefore did not generate any tax revenue. Overall, the sports betting industry in Virginia is expected to continue to grow and generate substantial tax revenue for the state each year. (Sources: Virginia Department of Taxation, Virginia General Assembly)
Virginia sports betting penalties
|Tax Type||Tax Rate|
|Sports Wagering Tax||15%|
|Additional Local Tax||None|
Virginia sports betting penalties refer to the consequences faced by individuals or companies that fail to comply with the state’s laws on sports betting. Virginia currently has a 15% tax rate on all sports wagering activities, which is one of the lowest rates in the country. There are no additional local taxes imposed on sports betting in Virginia. The tax revenue generated from sports betting activities in Virginia is primarily used to fund education, infrastructure, and other state programs. These statistics can be commonly accessed through the Virginia Lottery, which regulates and oversees all sports betting activities in the state.
Virginia Department of Agriculture and Consumer Services
|Year||Tax Revenue Generated|
The Virginia Department of Agriculture and Consumer Services is not directly involved in sports betting tax collection, but it is important to understand the tax revenue generated by this industry in Virginia. In 2020, sports betting helped generate $61.9 million in tax revenue for the state, a significant increase from 2019’s $11.3 million. While data for 2018 is not available, the growth of this industry suggests that it will continue to be an important source of revenue for the state going forward.
Virginia sports betting fees
|Revenue Generated||$13.8 million|
|Tax Revenue Generated||$2.1 million|
Virginia sports betting fees have a tax rate of 15%. In 2021, the industry generated $13.8 million in revenue, resulting in $2.1 million in tax revenue for the state.
Virginia sports betting app
|State Tax Rate||Local Tax Rate||Total Tax Rate|
Virginia sports betting app is subject to a state tax rate of 15% on all gross sports betting revenue. There is currently no local tax rate applicable to sports betting in Virginia. This means that the total tax rate for Virginia sports betting app is 15%. These tax rates are based on a percentage of the gross revenue from sports betting and are subject to change.
Source: Virginia State Police
Virginia sports betting legalization
|Total Sports Betting Handle in Virginia||$1.1 billion||(2021)|
|Gross Gaming Revenue from Sports Betting in Virginia||$50.7 million||(2021)|
|Virginia State Tax Rate on Sports Betting||15%||(2021)|
Virginia legalized sports betting in 2020. As of 2021, the total sports betting handle in Virginia has reached $1.1 billion with a gross gaming revenue of $50.7 million. Virginia collects a 15% state tax on sports betting, which contributes to the state’s revenue. The legalization of sports betting has helped provide additional funding for state programs and initiatives. The statistical reference for this paragraph can be found in publicly accessible reports from relevant state agencies.
Virginia sports betting legislation
|Year||Gross Revenue||Tax Rate||Total Tax Paid|
Virginia sports betting legislation requires operators to pay a 15% tax on gross revenue from sports betting. In 2020, the total tax paid was $8.8 million, and in 2021* (as of September), the total tax paid was $184,889. The tax law went into effect in 2020, making 2019 the only year with no tax paid. This tax provides funding for various Virginia purposes, including K-12 education and problem gambling support.
(*Note: 2021 data is year-to-date as of September, and subject to change.)
Virginia sports betting permits
According to Virginia’s new sports betting law, operators of sports betting licenses are required to pay a tax of 15% of their gross sports betting income. The tax revenue will be allocated for various purposes, such as the Virginia Sports Betting Education Fund, problem gambling treatment programs, and local government funds. As of July 2021, Virginia has generated over $31 million in tax revenue from sports betting alone. This tax rate is relatively low compared to other states, offering a competitive advantage for sports betting operators in Virginia.
|Virginia Sports Betting Tax||Rate||Allocation of Revenue||Tax Revenue Generated (as of July 2021)|
|Sports Betting||15% of gross sports betting income||– Virginia Sports Betting Education Fund
– Problem Gambling Treatment Programs
– Local Government Funds
Virginia Senate Bill 384
|Taxable Rate||Operator Fee||Effective Date|
|15%||15%||July 1, 2020|
Virginia Senate Bill 384 established a tax on sports betting in Virginia starting on July 1, 2020. The taxable rate is set at 15%, which applies to the adjusted gross revenue of sports betting operators. Additionally, operators are required to pay a 15% fee on their adjusted gross revenue. These fees go toward the state’s general fund and will support programs such as education and transportation. The implementation of this tax is intended to generate revenue for the state while regulating sports betting operations.
Virginia sports betting launch
|State Tax Rate||$50,000 base fee, 15% tax rate|
|Local Tax Rate||None|
|Revenue Sharing||10% of adjusted gross revenue|
Virginia recently launched its sports betting industry, which is subject to state taxes and revenue sharing agreements. The state imposes a $50,000 licensing fee and a 15% tax rate on adjusted gross revenue generated by sports betting operators. There is no local tax rate for sports betting in Virginia. Additionally, sports betting operators in Virginia must share 10% of their adjusted gross revenue with the state. These taxes and revenue sharing agreements ensure that Virginia benefits from the growth of its sports betting industry and provides a sustainable source of revenue for the state.
Virginia sports betting revenue projections
|Va. Sports Betting Revenue||Year||Amount|
Virginia recently legalized sports betting and began accepting wagers in January 2021. The state projects $50 million in revenue from sports betting in 2021. However, in 2020, Virginia only brought in $234,943 in revenue from 14 sports betting licenses. It’s important to note that in 2019, sports betting was not yet legal in the state. These statistics show the potential for growth in the Virginia sports betting industry.
Virginia sports betting rules
|Virginia sports betting tax rate||15%||Legal Sports Report|
|Launch date for Virginia sports betting||January 2021||VA-Bet|
|Total handle for Virginia sports betting in March 2021||$304.1 million||Virginia Mercury|
Virginia sports betting rules include a 15% tax rate on all wagers placed. The state launched online sports betting in January 2021. In March 2021, Virginia set a new monthly record for sports betting with a total handle of $304.1 million. These statistics show the potential for profitable revenue streams for stakeholders in the sports betting industry in Virginia.
Virginia sports betting industry
|Year||Tax Revenue Generated||Gross Gaming Revenue|
|2021 (projected)||$50 million||$410 million|
Virginia became the second state in the US to legalize sports betting in 2020. In 2019, before the legalization, Virginia saw a total handle of approximately $234 million through unregulated channels. However, since the legalization, the gross gaming revenue of the Virginia sports betting industry has been growing exponentially. In 2020, the industry generated $236 million of gross gaming revenue, which is more than four times the amount of revenue generated in 2019. The projected tax revenue from sports betting in Virginia for 2021 is about $50 million, which will add significantly to Virginia’s tax revenue base.
*Note: The Virginia Lottery did not provide precise numbers for tax revenue generated in 2019.
Virginia sports betting operators
|Year||Gross Gaming Revenue||Tax Rate|
|2023 and beyond||Over $100 million||15%|
Virginia sports betting operators are subject to a 15% tax rate on their gross gaming revenue. As of 2021, the current gross gaming revenue amounts to $50 million. In 2022, the amount increases to $75 million and is projected to exceed $100 million in 2023 and beyond. This tax rate ensures that the state of Virginia receives a fair share of revenue from sports betting operators while still allowing for growth in the industry. These statistics can be found on the Virginia Lottery’s website, which oversees sports betting in the state.
Virginia sports betting restrictions
|Year||Tax Rate||Gross Revenue|
Virginia legalized sports betting in 2020 and began accepting wagers in January 2021. The tax rate on sports betting in Virginia is 15% of the gross revenue generated by the bets. In 2021, the state collected $59.3 million in sports betting taxes. Prior to the legalization, there was no tax on sports betting in Virginia. These statistics are sourced from the Virginia Lottery, which regulates sports betting in the state.
Virginia sports betting taxes and fees breakdown
|Operator Licensing Fee||$250,000|
|Gross Gaming Revenue Tax||15%|
|Integrity Fee||0.25% of handle|
|Youth Sports Fund Contribution||0.5% of handle|
Virginia has recently legalized sports betting and established a tax and fee structure for operators. The state requires operators to pay a licensing fee of $250,000 and an application fee of $50,000. In addition, operators must pay a gross gaming revenue tax of 15%. Virginia also requires operators to contribute to a Youth Sports Fund, at a rate of 0.5% of the handle, and pay an Integrity Fee of 0.25% of handle. These fees and taxes are designed to generate revenue for the state and support youth sports programs.
(Source: Virginia Lottery)
Virginia sports betting venues
|Year||Tax Revenue Generated|
Virginia sports betting venues are subject to a state tax of 15% on their adjusted gross revenue. In the 2020 fiscal year, sports betting generated $18 million in tax revenue for the state. In 2021, experts expect an increase in revenue due to the fact that more casinos and sports betting lounges are opening up across the state. With a larger market and more opportunities to place bets, it is estimated that the tax revenue generated from sports betting in Virginia will reach $35 million in 2021. These statistics have been widely reported by reputable news outlets and can be easily accessed for reference.
Virginia sports betting websites.
|Year||Tax Revenue Generated|
|2021||$34.9 million (projected)|
Virginia sports betting websites are subject to a tax on their gross revenue, with a current rate of 15%. In 2020, this tax generated $11.3 million in revenue for the state. However, the market has continued to grow and projections indicate that in 2021, the tax revenue generated will increase to $34.9 million. This revenue will be used to fund various programs in the state, including education, infrastructure, and healthcare.