Nevada lawmaker introduces act to combat Trump’s Big Beautiful Bill
Nevada Rep. Dina Titus introduced the Fair Accounting for Income Realized from Betting Earnings Taxation Act on Monday in retaliation for President Trump’s recently passed One Big Beautiful Bill Act.
Otherwise known as the Fair Bet Act, it is co-sponsored by Rep. Ro Khanna, and would restore a gambler’s ability to deduct 100% of losses on annual tax filings.
The proposal from Titus comes in response to a tax provision contained in Trump’s budget bill that would limit deductions for losses to 90%. This could potentially affect those who make a living from gambling, with professional poker player Phil Galfond pointing out on the social media platform X that a person could owe more in taxes than the amount they won.
The post read, “This new amendment to the One Big Beautiful Bill Act would end professional gambling in the US and hurt casual gamblers, too. You could pay more in tax than you won.”
The concern from those in the gambling industry is players will now turn to unregulated offshore platforms in order to keep turning a profit. Titus wants to restore the full deduction for gamblers so they remain playing at licensed operators.
Titus told the Las Vegas Review-Journal, “My Fair Bet Act would rightfully restore the full deduction for losses so gamblers don’t pay taxes on money they haven’t won. It gives everyone – from recreational gamblers to high-stakes gamblers – a fair shake.”
Dig deeper
2025/07/04: Gamblers share concern over tax hike in US budget bill
2025/03/20: Nevada senator introduces bill for stricter fines for offshore operators
2025/06/12: Bet365 joins Sports Betting Alliance to combat unregulated gaming
2025/01/24: New York senator introduces third online casino bill in three years
