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West Virginia yields $30,000 in tax after first weekend of sports betting

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. ​

With this wonderful legalization that will continue to bring in massive amounts of money, one must think legalizing marijuana would pull the state of West Virginia out of the depths of poverty. If West Virginia wants to pull itself from being the 49th poorest state in America, that would be the jackpot winning move. The ball is in your court, Jimmy.
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