Act seeks to restore the 100% deduction for gambling losses
NTRA Release
WASHINGTON, DC. – The National Thoroughbred Racing Association (NTRA) announced its support for the bipartisan Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act on Tuesday. The FAIR BET Act, introduced by Representative Dina Titus (D-NV), seeks to restore the 100% deduction for gambling losses. The One Big Beautiful Bill Act, just recently signed into law, amended the deduction so that gamblers could only deduct 90% of their losses, instead of 100%. The legislation is co-sponsored by Reps. Troy Nehls (R-TX), Ro Khanna (D-CA), Jeff Van Drew (R-NJ), Steven Horsford (D-NV), and Mark Amodei (R-NV), as of Tuesday, July 8th.
“The NTRA commends Congresswoman Titus for introducing the FAIR BET Act, which will restore the 100% tax deduction for gaming losses,” said NTRA President and CEO Tom Rooney.
“There is no Thoroughbred racing without horseplayers. The changes to the tax deduction are detrimental to them and must be fixed. We’re glad that swift bipartisan action is being taken. Along with Congresswoman Titus, the NTRA will continue to work alongside the Trump administration and leaders in the House and Senate to restore the tax deduction.”
The Congresswoman has led the charge on rectifying this change to the tax code, which is set to take effect next year.
“My FAIR BET Act would rightfully restore the full deduction for losses, so gamblers don’t pay taxes on money they haven’t won,” Congresswoman Titus said. “This common-sense legislation will bring fairness back to gaming taxation, making sure that gamblers can fully deduct losses when they report their winnings. It gives everyone –from recreational gamblers to high-stakes gamblers — a fair shake. We should be encouraging players to properly report their winnings and wager using legal operators. The Senate change will only push people to not report their winnings and to use unregulated platforms.”
“While I proudly voted for the One Big Beautiful Bill Act, which prevents the largest tax hike in American history, the Senate’s version contained a provision that I strongly disagree with,” said Congressman Nehls. “Prior to the passage of the OBBBA, the tax code contained a 100% deduction for gambling losses and expenses up to the amount of the individual’s winnings. This deduction was not changed in the House-passed version of the bill. The Senate, unfortunately, included a provision in their version of the legislation that reduced the allowable deduction to 90%, creating an overly punitive tax on gambling. This provision is unfair, which is exactly why I am a cosponsor of Rep. Dina Titus’ FAIR BET Act.”
Rep. Titus’s bill can be found here.
