A new tax law goes into effect on Thursday that is likely to have massive ramifications for gamblers.Starting on Jan. 1, 2026, only 90% of gambling losses will be able to be deducted on taxes at the end of each year.Meanwhile, 100% of winnings will still be taxed as income, meaning that even if you break even while gambling, you could still be on the hook for a significant tax bill.For example, if you record $100,000 in gambling losses throughout 2026, but also record $100,000 in gambling winnings, you would still owe $10,000 in taxable income, despite earning no net income. Those with modest annual net income gains could also see their gambling winnings completely erased in taxes if a significant amount of offsetting losing…
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