First Weekend of Sports Betting Nets State of West Virginia $29,541.75

9/6/2018

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. ​

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Office of the Governor
State Capitol, 1900 Kanawha Blvd. E
Charleston, WV 25305

Office Phone:
304.558.2000 or 1.888.438.2731

Governor's Mansion:
304.558.3588

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