Lawmakers Consider Restoring Tax Deduction For Sports Betting Apps

The General Assembly is considering restoring tax deductions for sports betting app operators who give players promotional play funds. The Virginia Mercury reports tax revenues increased significantly when lawmakers stopped letting sports betting companies deduct free-bet promotions from their taxable revenue but the industry arghued against the change. New legislation would restore the tax deduction for free-bet promos while capping it at 1.75% of total wagers.