On Wednesday, July 1, more than 1,200 new laws took effect in Virginia—including one legalizing casino gambling, if local voters approve gambling operations in their communities in the November election. Casino gambling will be regulated by the Virginia Lottery Board. The five locations specified are in Bristol, Danville, Norfolk, Portsmout and Richmond.
Sports betting also now is legal, although wagering on games including in-state colleges or universities is banned.
Casino adjusted gross receipts will be taxed at 18 percent to 30 percent, depending on the licensee’s annual adjusted gross receipts. Licensees will pay taxes of 18 percent to 30 percent on adjusted gross receipts, depending on the licensee’s annual adjusted gross receipts.
