In the FY 2023, WV Online Gaming Taxes Exceed $18 Million
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In WМ, June is the last month of the fiscal year. It’s been a profitable one for WV iGaming establishments, by all accounts. WV online casinos have produced over $18 million in taxes up until May 13 and are on track to reach $20 million for the fiscal year.
Tax revenue from gambling, including sports wagering and WV brick-and-mortar casinos, was $53.3 million in FY ’23. Taxes paid by sportsbooks were $4.9 million The remaining $30.4 million was spent at physical locations around the state.
WV iGaming Establishments Expect a 50% Growth in a Year
In FY ’23, WV players bet over $3.5 billion on websites and gaming applications, generating $120.4 million in revenue. The $18 million noted above is the consequence of a 15% tax on WV online casinos.
These figures reflect growth from the complete reporting period for FY 2021–22. Online casinos in WV already show year-over-year improvement in all three categories with six weeks remaining to report.
- Handle: From $2.6 billion in FY ’22, up 36.6% year-over-year;
- Taxes: From $12.9 million in FY ’22, up by 39.7% year-over-year;
- Revenue: From $86.2 million in FY ’22, 39.7% year-over-year;
These percentages might surpass 50% YoY increases and set new highs to start chasing in July as the last six weeks of FY ’23 play out.
The West Virginia Gambling Market is Seeing Tremendous Development
Following a more than 100% YoY rise in FY ’22, online casinos will have a 50% growth in FY ’23.
- Handle: From $1.2 billion in FY ’21, up 118.6% year-over-year;
- Taxes: From $5 million in FY ’21, up by 158.6% year-over-year;
- Revenue: From $34.9 million in FY ’21, up by 147.3% year-over-year.
As the gambling industry in WV develops, sports betting has likewise boosted its YTD revenue totals and tax payments.
