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Are more Sports Betting Tax Changes in Virginia En Route? Virginia has currently tightened up the tax guidelines used to online sports wagering websites in the state, but there might be interest in toughening them even further. An expense introduced by Democratic Sen. Jeremy McPike would further limit the deductions certified operators can apply to their taxable profits from sports betting-related promos to no more than 2.5% of total web wagers handled monthly in between July 2023 and July 2024. The ceiling would then drop to 2.25% of month-to-month handle in between July 2024 and July 2025, to 2% in between July 2025 and July 2026, and then to 1.75% from then on. The proposals in McPike's costs would remain in addition to modifications made during a budget plan procedure in Virginia in 2022, which made it so operators can only deduct reward bets and other promotions for a year rather than permanently. That has currently impacted tax earnings understood from online sports wagering in Virginia. In November, for example, the Virginia Lottery reported that the overall tax from sports wagering was almost $7.8 million after $817,857 in benefits and promotions were subtracted. In November 2021, the state received $4.2 million from sports wagering (and its 15% tax rate on adjusted earnings) after about $15 million in marketing expenses were deducted. Toughening the tone Most operators have actually been taking bets in Virginia for more than a year already, including the state's most significant bookmaker, FanDuel. That suggests they have actually currently run through their discount allocation and would not be impacted by the proposed legislation. However, the expense, if passed, might put even more of a damper on promo reductions in Virginia for bet365, which has yet to introduce in the state, as well as for any future entrants. The legislation comes as lawmakers and regulators in the U.S.