First Weekend of Sports Betting Nets State of West Virginia $29,541.75
CHARLESTON, WV – The State of West Virginia will yield a tax of $29,541.75 from the first official tax week of sports betting at the Hollywood Casino at Charles Town Races, according to acting Lottery Director Doug Buffington.
The Charleston Gazette-Mail reported actual taxable revenue of $320,631.70 in a story published Wednesday, however that amount is prior to applying a tax rate of 10% that yields actual tax revenue to the State of $32,063.17. Of this amount, 15% or $4,809.48 will go toward administrative expenses and the remaining $27,253.69 will be transferred to the Lottery Fund to be used by the State of West Virginia in accordance with appropriations.
In addition, it should be noted that the $320,631.70 is spread across two taxable periods (which end on Saturday). Thus, the Casino has already submitted a tax form for the first three days of operation that shows taxable revenue of $295,417.50 which will yield a tax of $29,541.75 for the first official tax week of sports betting in West Virginia. The remaining two days will fall on the next tax form.