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Dritz
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I’m baffled that many think this proposed gambling tax change doesn’t affect the vast recreational base because “most people lose anyways”.
Sure, the big losers have nothing to worry about. But the house edge in many popular verticals is sub 10% if not sub 5%. Think NFL game day spreads, promo boosted parlays, 3/2 blackjack, $150 weekly poker MTTs, high RTP slots, etc.
This means out of the millions of Americans who gamble responsibly within their financial means as an form of entertainment, tons will hit a decent jackpot, parlay, or tournament; or cumulatively win back enough money to incur only a relatively small loss (minus 5-10%) yearly.
These folks will still be hit with a tax bill on *negative actual income*. Maybe it won’t be too much, but imagine being in the hole $1000 on a recreational activity on the year and then still owing the IRS $250 just for the privilege of losing money!
In fact, many within this threshold (which could be tens of thousands of people) may be compelled in December to gamble more as a “tax harvest” to either win 10% more than their losses or lose more than 10% of their winnings just to not get stuck with the burden.
Is this tax change not a responsible gaming issue then also? It’s basically saying it’s perfectly fine for you to be an addict punting away rent money on upwards of 30% holds but not only is there a penalty for gambling responsibly, we’re going to create conditions where you’re compelled to an addictive degenerate behavior just to potentially avoid an unfair expense.
I get it. Some people will vilify gambling even as a responsible recreational activity. Some will think that if you can’t afford to pay $500 extra in taxes on phantom income, you shouldn’t be gambling in the first place. But it’s no different than anyone’s hobby.
Imagine spending X dollars on fishing, crafting, yoga, or simply going out to the movies or bar every week - then having your CPA say “based on how much you spent on these activities (which includes sales tax), you owe $150 more to the government for no discernible reason”.
This tax change isn’t just an issue for “pros” or “sharps” or a sliver of 1% of the highest stakes folks who already are quite well off financially. If you buy a scratch off every so often or go to the casino with friends a few times a year or put down some parlays each week during football season, this still affects you too.
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Dritz retweetledi
Dritz retweetledi
Dritz retweetledi
Dritz retweetledi

The Big Beautiful Bill is arguably the worst piece of anti-gambling legislation in modern US history, and will do serious damage to the Nevada casino industry.
Dina Titus@repdinatitus
Buried within the BS Republican Budget bill is a provision that harms poker players and those who gamble by limiting loss deductions. I’m working on a legislative fix that fairly treats gaming losses in the tax code.
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Yikes.
Senate Amendment to the Big Beautiful Bill =
You get taxed on more than you earned from gambling, even if you netted $0 (or less!).
Here's how it works and what you can do...
The change
If it passes in this form, starting in 2026, gambling losses (and expenses) will only be 90% deductible (and still only up to your total winnings).
What this means in plain English
If you win $100k and lose $100k – You’ll owe tax on $10k of “phantom” income.
If you win $100k and lose $50k – You actually profited $50k, but you’ll owe tax on $55k.
If you win $100k and lose $150k – No tax owed (your deduction is capped at $100k, which is more than 90% of $150k ($135k)).
(Editing in from my post below because it's important:
A pro who earns $200k/year might have $3m in winnings and $2.8m in losses.
This means earning $200k and being taxed as if they earned $480k.)
This applies to both recreational and professional gamblers.
For pros, your travel, coaching, software, etc. are lumped into the “loss” bucket and still subject to the 90% cap.
What to do
Pulling from @russcfox's post:
"If you don't like this (and I don't), and if you have a GOP Congressman, let them know. (You can find your House representative at house.gov/representative…) Be respectful in your message, and, yes, they are looked at."
Thank you for breaking the news and keeping poker players posted, Russ!
--
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@CyberapeYacht
Listers beware anyone listing will be removed from the community moving forward.
#NFTCommunity #Web3 #Crypto
@brycent @loopify @farokh @Zeneca_33 @punk6529 @Beeple @garyvee
@cobie @pranksy @kevinrose @ShaanVP @gmoneyNFT @notthreadguy @dingalingts

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Starship can reach Mars in 6 months every 26 months when the planets align
Massimo@Rainmaker1973
How long commercial airplane would take to reach each planet, if possible (speed ~ 900 km/h or 559 mph)
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