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State revenue from sports betting $54,000 in first month

The legislation to divert the sports betting money to transportation was passed during an August special session. During the special session, the Legislature also enacted a lottery and directed the first $80 million of that revenue to the same transportation fund. But House Pro Tem Greg Snowden, R-Meridian, said recently some estimate it will take up to two years to enact the lottery, though, he said there is a possibility it could be done in about a year. State Department of Transportation officials have said they need an additional $400 million annually for expanding transportation needs. While the additional revenue from sports betting was minimal for August, gambling tax revenue still was up for the first two months of the fiscal year, according to the August revenue report recently compiled and released by the staff of the Legislature Budget Committee.Gambling revenue for July and August is up $1.5 million or 6.8 percent. Overall, though, revenue collections for the first two months of the fiscal year are $4.1 million or 0.6 percent less than the amount collected during the same period last year. The big drop occurred in corporate tax collections, which are $11.3 million or 45.7 percent below the amount collected during the same period last year. Corporate tax collections have dropped in recent years as multiple tax cuts passed by the Legislature continue to be phased in. In fiscal year 2015 (July 1, 2014, through June 30, 2015) corporate tax collections peaked at $714.1 millionIn the most recently completed fiscal year, the state collected $572.3 million in corporate taxes. Mississippi Today is interested in receiving news tips from our readers. Click to Learn More .

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WV MetroNews  First weekend of sports betting brings in $640,000 in total bets

CHARLES TOWN, W.Va.The first four days of sports betting at Hollywood Casino at Charles Town Races took in approximately $640,000 in total bets. The casino had a soft opening Thursday and Friday followed by a grand opening Saturday. The sports book was open regular hours Sunday. Of the $640,000 wagered, 50 percent went back in payouts. The states take is 10 percent of whats left. The taxable revenue produced off of this was about $32,000, a tax rate of 10 percent.

For the original version including any supplementary images or video, visit http://wvmetronews.com/2018/09/04/first-weekend-of-sports-betting-brings-in-640000-in-total-bets/

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