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Bettors are worried Trump's 'big, beautiful bill' could cause professional gambling in the U.S. to fold
A relatively underappreciated constituency is raising the alarm about President Donald Trump’s “big, beautiful bill” — gamblers. Tucked into the nearly 900-page legislation is a change to how gambling losses are taxed that some professional and amateur bettors say could crush the industry. The provision, only a few paragraphs, would limit what gamblers can deduct from their yearly taxes to 90% of their losses starting in 2026. Currently, bettors can deduct the entirety of their losses, up until their winnings. What a number of gambling aficionados pointed out on social media was that by limiting the tax ... (full story)
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