Bettors could be forced to pay more in taxes than they make in net winnings, under the new sweeping federal bill passed by the Senate on Tuesday.
The 940-page Senate version of the “One Big Beautiful Bill Act” — the legislation backed by President Donald Trump that includes a number of major tax and spending changes — includes several differences from the version of the bill that was passed by the House in May. Among them is a new provision to limit deductions for wagering losses to 90% of annual winnings.
Previously, gamblers were allowed to deduct wagering losses as long as they didn’t exceed winnings for a given tax year.
