Pro poker player who’s won more than $48 million says new *** laws forced him into semi-retirement: ‘It’s really untenable’
President Donald Trump’s One Big Beautiful Bill Act, which passed last July, includes a provision that changes the way gamblers can deduct losses. Taxpayers still must treat gambling winnings as income, but they can no longer use all of their losses to fully offset their winnings. Rather, starting in tax year 2026, they can only deduct up to 90% of their losses.
So you could lose money and still owe taxes.
The Joint Committee on Taxation estimated that the provision would generate $1.1 billion in tax revenue over eight years, though that number could shrink as gamblers’ behavior is forced to change, according to a 2025 analysis from the Tax Foundation. That number is highly doubtful.
Link to more information
