Leadership looking out for the best interests of horse racing are expecting a recent tax change on gambling winnings that would be negative for horseplayers will be changed back to the previous standard.
Speaking at The Jockey Club’s Round Table Conference on Matters Pertaining to Racing July 31 in Saratoga Springs, N.Y., Shawn Smeallie, an industry lobbyist through his ACG Advocacy, said he believes a tax change that would limit the amount of losses gamblers could claim against winnings included in the recently passed “Big Beautiful Bill” could be rescinded before it goes into effect in 2026. He expects a tax bill this fall to include language that would rescind the change to gambling winnings.
