Rolling the dice just got a whole lot riskier under President Donald Trump’s One Big Beautiful Bill.
A few short lines in the 940-page bill could have an oversized impact on the gambling and sports betting industry. The bill, which was signed into law in July, goes into effect next year.
Currently, gamblers only pay taxes on their profits. They can also deduct 100% of their losses against their winnings.
But under the new law, losing will cost you more; losses will be 90% deductible, meaning tax will be payable on the remaining 10%. So, even if you break even or lose money, you’ll still be taxed.
For example, if you broke even playing poker by winning $100,000 and then losing all $100,000, you’d still owe…