UFC president Dana White asked Donald Trump to press Congress to reverse the One Big Beautiful Bill Act provision limiting gambling-loss deductions to 90%. In a 11 May letter, White argued that the rule could tax bettors who break even and weaken legal sports betting; Congress would need to act to change it.
A deduction change could alter bettors’ tax treatment and affect legal sports betting operators.
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A White House spokesperson said prediction-market companies would not attend President Donald Trump’s technology-sector event, contradicting reports that executives from Polymarket and Kalshi might take part. The event was described as a meeting with technology leaders; prediction markets were due to feature at the CFTC Innovation Advisory Committee meeting in Washington.
US Representative Dina Titus has asked House leadership to restore the full gambling-loss tax deduction in end-of-year legislation, according to the report. The deduction was reduced from 100% to 90%, and her FAIR BET Act passed the House Ways and Means Committee 38-5 in September; it awaits action by House leadership.
A congresswoman from Nevada, whose district covers the Las Vegas Strip, wants Republican leaders in the House to bring back the full gambling-loss deduction as the session's final weeks near. Democratic U.S. Rep. Dina Titus wrote to Speaker Mike Johnson and Majority Leader Steve Scalise, both of Louisiana, urging that FAIR BET language be added to any “must-pass” legislation.
Reportedly, Nevada lawmakers have renewed efforts to restore the full federal deduction for gambling losses. Representative Steven Horsford called for action over a congressional change that could create tax liabilities for gamblers who break even.
Nevada legislators are making another attempt to bring back the complete federal write-off for gambling losses. That goal has yet to be achieved, even though more than twelve months have passed since Congress made a change that can force some bettors to owe tax despite finishing even. At the Global Gaming Expo in Las Vegas, Democratic Representative Steven Horsford again urged action, backing a bill that would let taxpayers write off all gambling losses against winnings, capped at the amount won.
The House Ways and Means Committee advanced a measure to restore the full federal deduction for gambling losses, Rep. Dina Titus said. The proposal was attached to H.R. 10357 and would reverse the 90% cap scheduled to take effect on 1 January 2027; House and Senate approval and the president’s signature would still be required.
A US House committee advanced legislation sponsored by Nevada representative Dina Titus to reverse the gambling-loss tax cap, according to reports. The proposed FAIR BET Act would restore a 100% deduction limit for bettors, and Titus aims to introduce it before the end of 2026.