The One Big Beautiful Bill Act that narrowly passed the Senate on Tuesday contains an amendment altering gambling tax rules, making it harder for winners to reap profits.
A section of the Senate‘s 940-page version of the bill limits the amount gamblers are able to deduct from their winnings to 90 percent of losses.
This means that if a gambler wins $100,000 in a tax year while also losing $100,000, they would be required to pay $10,000 in tax despite breaking even, rather than zero tax paid under current regulations.
If the amendment makes its way into the House version of the bill and is signed into law, it would reduce the ability of gamblers to turn a profit. It could also push professional gamblers to unregulated operators outside the U.S., according to American professional poker player Phil Galfond.
This could have a downstream impact on the entire industry, which brought in nearly $115 billion in revenue last year, according to the American Gaming Association.
Hellbound and Down 