Trump new bill will destroy Sports Betting as we know it

[Leasy]

Can't believe this sht

Recent Senate amendment to what's being called the “Big Beautiful Bill” could have a severe unintended consequence: it would require gamblers to pay taxes on all their wagers—not just net winnings. That means even if someone breaks even or loses, they'd still owe taxes on their total bets, effectively creating a new tax burden

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.

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[jadillac]

It's a "beautiful" destruction of America.

The little guy just lookin to have fun and make extra money get screwed. Nothing more American

 

[FaTaL]

That’s a double L when you lose

 

[hashmander]

beautiful i guess.

 

[34TheTruth]

Can't believe this sht

Recent Senate amendment to what's being called the “Big Beautiful Bill” could have a severe unintended consequence: it would require gamblers to pay taxes on all their wagers—not just net winnings. That means even if someone breaks even or loses, they'd still owe taxes on their total bets, effectively creating a new tax burden

Maybe they should get a real job then

 

[str8up]

man fukk sports betting and fukk that bill

 

[Kornball The Conqueror]

just like the stock market

 

[cyndaquil]

man fukk sports betting and fukk that bill

 

[Leasy]

Maybe they should get a real job then

You hater. I made a killing this year on the NBA. They really don't want the average American to make bread.

 

[34TheTruth]

You hater. I made a killing this year on the NBA. They really don't want the average American to make bread.

So don’t lose and you won’t have anything to worry about . Plus I’m sure most of these professional gamblers voted for Trump so fukk them .

 

[Apprentice]

No boot kissing; just thinking logically

When you place a wager, you’re essentially “buying a pick”

In theory, it does make sense to tax bettors even in a loss; only reason I cant get behind this at all is because a notorious tax evader is the one hosting this bill

It’s only made to make poor people poorer, but u could make the argument gambling is a poor people hobby

 

[GnauzBookOfRhymes]

Sounds like something snuck in by the right wing religious nut jobs. I’m sure it’ll be struck from the final bill. States are making wayyyy too much money from gambling.

 

[Peruvian Connect]

No boot kissing; just thinking logically

When you place a wager, you’re essentially “buying a pick”

In theory, it does make sense to tax bettors even in a loss; only reason I cant get behind this at all is because a notorious tax evader is the one hosting this bill

It’s only made to make poor people poorer, but u could make the argument gambling is a poor people hobby

nikka what? Lottery tickets ain't taxed

 

[mastermind]

Good

Wish the rest of the bill wasn’t deplorable

 

[jdubnyce]

Ban sports betting