Big Beautiful Bill Shakes Up Gambling Taxes: What You Need To Know

Under the new law, gamblers will be allowed to deduct just 90% of their losses from their income taxes starting in 2026. Now, for example, gamblers who win $100,000 but lose $100,000 – coming out even — would still be required to pay taxes on $10,000. This sets up the potential for “phantom Income.” For example, a bettor wins $2,000 but has losses totaling $2,200.

The closing of the acquisition highlighted the company’s capability to complete strategic deals both swiftly and efficiently. At the same time, the takeover helped expand Gambling.com’s presence in the online gambling vertical. For the latest Las Vegas casino and gaming industry news and headlines visit reviewjournal.com. That may seem like a nominal amount, but it still forces you to pay taxes on something you didn’t benefit from.

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Sen. Catherine Cortez Masto (D-Nev.) will also try to repeal the provision on the Senate floor this week, HuffPost has learned. The senator will ask for unanimous consent to pass her bill reversing the limit on tax deductions for gambling losses. Betway previously offered its sports betting product in a handful of states before exiting each of those last year. This newest incident continues the concerning trend of intensifying cyberattacks against the gaming industry that started in 2023’s ransomware attack against high-profile operators MGM Resorts International and Caesars Entertainment. Although the breaches resulted in multimillion-dollar losses, the broader industry has been slow to adapt, leading to continued incidents.

The potential of having to pay more in taxes, even when you lose, is far from an appealing proposition. Said another way, there will be a gigantic shift in existing gambling tax legislation in the US, beginning in 2026. Previously, bettors were allowed to deduct their losses in full from gambling winnings. If you bet $5,000 and lost $4,900, you would only be taxed on the $100 profit. While many were enjoying the 4th of July, President Trump was signing the Big Beautiful Bill into law. The massive 900+ page piece of legislation covers a ton of bases, including one that will impact all types of bettors.

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• The second inquiry was commissioned by the special investigator in February to examine whether the Star had made the “deep structural change” required to be suitable to hold a licence.
• Star Entertainment was due to post its full-year results on Friday but entered a trading halt after the report was published.
• We also hold a strong commitment to Responsible Gaming, and we only cover legally-licensed companies to ensure the highest level of player safety and security.
• In May, one House Republican got an earful from his constituents when he admitted at a town hall he wasn’t familiar with part of the bill he had voted to pass just days earlier.
• Through July, year-to-date commercial sports betting revenue reached $5.46 billion, exceeding the same period in the previous year by more than 63%.

Currently, bettors can deduct the entirety of their losses, up until their winnings. Our NewsNow feed delivers essential coverage of the betting and gambling sector, tracking legislative changes, market developments, and responsible gambling initiatives across all US jurisdictions. Whether you’re an industry professional, casual bettor, or concerned citizen, stay informed with our comprehensive, real-time updates from trusted sources. Local communities continue to debate the social impact of expanded gambling access.

Upon announcing the strategic takeover, Gambling.com confirmed that the total value of the acquisition could go up to $160 million. However, an extra $80 million can be paid by Gambling.com, subject to performance targets for Odds Holdings through the end of 2026. Plus, a major gaming company has won a competitive bid for a multiyear agreement to produce Monopoly-based slot machine games. “Through this collaboration, we’ve reached a record number of Europeans with crucial safety messages during the campaign.

In recent times, however, some experts have acknowledged downsides to the industry’s growth, such as problem best casino sites online bonuses and underage gambling. As part of the settlement agreement, Resorts World and its parent company neither admit to nor deny the allegations. But the casino agreed to make changes to its leadership and implement stricter protocols for preventing money laundering, the newspaper reported. “A pro who earns $200k/year might have $3m in winnings and $2.8m in losses,” Galfond said in a subsequent tweet.