US EditionNevada Rep Introduces Legislation to Reverse Gambling Provision in One Big Beautiful Bill
UNITED STATES, JUL 7 – The Congressional Budget Office projects nearly 12 million Americans will lose health insurance due to historic Medicaid cuts and new work requirements in the Senate bill.
- On July 4, 2025, President Donald Trump signed a major budget bill into law that includes a new tax rule impacting gamblers across the country.
- The bill limits gambling loss deductions to 90% of losses against winnings, replacing the previous 100% allowance, sparking pushback from professionals and lawmakers like Nevada Democrat Dina Titus.
- Representatives Titus and Ro Khanna introduced the FAIR BET Act to ensure that all gamblers, from casual players to professionals, can fully claim deductions for their gaming losses, promoting equitable tax treatment.
- Professional gambler Phil Galfond illustrated the impact, saying a player winning $5.2 million and losing $5 million would face taxes on a fictitious $700,000 net income under the new rules.
- The tax change, effective January 2026, may cause higher tax bills for frequent and professional gamblers and could encourage unregulated offshore betting, prompting industry groups to seek legislative amendments.
11 Articles
11 Articles
The Paducah Sun
Big win for racehorse owners, but bettors take a loss in Trump’s megabill
President Donald Trump’s massive spending and tax package includes provisions that will affect Kentucky’s Thoroughbred racing and breeding industries — an incentive for horse owners and a provision that makes it harder for bettors to turn a profit.
New rule on tax deductions threatens to 'kill professional gambling' · American Wire News
President Donald Trump’s budget reconciliation has one big consequence for career gamers as a new rule on tax deductions threatens to “kill professional gambling.” Heading into the Independence Day weekend, the president celebrated both the nation’s birthday and the passage of his One Big Beautiful Bill Act. While provisions like no tax on tips were celebrated, professionals from the gaming industry were left fuming over a change to the tax code…
PBS's Barron-Lopez Teams Up With Liberal 'Non-Partisans' to Bash Trump's Budget Bill
As President Trump’s big budget bill neared a crucial vote in the Senate on Monday, PBS News Hour’s most biased reporter, Laura Barron-Lopez, covered only one side of a critical part of the bill federal health care spending on Medicare and Medicaid. The sole guest for the segment not only represented a liberal health group, KFF (previously known as the Kaiser Family Foundation), but misleadingly assured viewers that the group was “nonpartisan.” …
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