Virginia Legislature Enacts Law Regulating Sports Betting, Imposing Gross Revenue Tax, Allowing Net Loss Carryover

The Virginia General Assembly April 22 enacted a law to regulate sports betting for excise tax purposes. The law includes measures: 1) defining terms and powers and duties of the Director related to sports betting; 2) prohibiting betting by Lottery employees, permit holders and certain related persons, athletes and coaches for events in their league, and persons under age 21; 3) imposing a 15 percent tax on a permit holder’s adjusted gross revenue; 4) authorizing permit holders to carry over and deduct net losses for up to 12 months; and 5) creating the Problem Gambling Treatment and Support Fund for ...