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The time has finally come. A new tax provision goes into effect as of January 1, 2026. There are still 12 months in which it can be reversed however.
Gambling Tax Law Became Effective January 1, 2026
Nevada Representative Dina Titus (D-NV) has been at the forefront of trying to push through legislation that would change how gambling losses are treated under the tax code that came as part of the so-called "Big Beautiful Bill" passed in 2025. Gamblers quickly realized an ugly aspect of that extensive legislation. Even US President Donald Trump expressed concerns over the gambling language.
Titus's FAIR BET Act (standing for Fair Accounting for Income Realized from Betting Earnings Taxation Act) was a proposed U.S. federal bill aimed at changing how gambling losses are treated under the tax code.
The bill was introduced in July 2025 in the U.S. House of Representatives by Titus as H.R. 4304 and referred to the Ways and Means Committee.
It will need to be reintroduced in 2026.
The good news for gamblers - for the time being at least - is the reporting won't happen until filing of one's 2026 tax forms. That happens in 2027 of course.
"We still have time to fix this. As long as we restore the tax deduction on gambling losses to 100% by the end of 2026, this unfair tax hike never takes effect," Titus advised.
Under the new law, starting for tax years beginning January 1, 2026, gamblers can no longer deduct 100% of their gambling losses. Instead, losses are capped at 90% of actual losses when offsetting winnings.
Even if a gambler were to break even, the new law now requires these individuals to report taxable income.
Man Arrested After Allegedly Robbing, Strangling Man in Casino Bathroom
The Magic Diamond Casino in Belgrade, Montana was the scene of vicious attack Sunday night, as reported by WPZK, the local Bozeman affiliate.
According to the Gallatin County Sheriff's Office a 911 call came in at approximately 9:30p.m. from an individual who had been gambling at the Magic Diamond casino on Business Hub Drive, just off Amsterdam Road in Belgrade.
"The man had been gambling and met some people while he was gambling," said Captain Michael Van Meter. "While he was in the bathroom, one of the individuals he had met, followed him into the bathroom and wrapped a cord around his neck."
Captain Van Meter said the suspect then reached into the victim's front pocket, stole around $1,500 in cash from him and fled the scene.
"Through witness interviews and surveillance footage we were able to identify the suspect as Ayden Klompien," said Captain Van Meter.
A jacket Klompien had been wearing was found near the scene and allegedly contained a syringe that had methamphetamine residue on it.
According the court documents, Klompien was arrested for robbery and criminal possession of dangerous drugs, and was transported to the Gallatin County Detention Center.
Per has Facebook page, Klompien had moved to Belgrade in April of 2025.
ESPN Employee Did Not Violate Rules in $1 Million DraftKings Win
An ESPN employee who won a million dollars in the DraftKings “best ball” fantasy contest this week did not violate company rules, according to one industry observer. This was our top trending gambling news story Thursday with 8795 impressions over the last 48 hours. Read More Here
Chumba Casino Officially Exits California
If you are a resident of California and a customer of Chumba Casino, chances are you received a notice that the popular sweepstakes casino would be leaving the state effective year's end 2025 (that was Wednesday). It's yet another blow to the sweepstakes casino industry. California itself does not license online casinos, Chumba included. The gaming app advertises nearly as much as Flo from Progressive. We should note that, while nearly all the real money internet casinos are licensed abroad, most do not accept customers from the Golden State. We first reported on this matter back in March of 2025
- Jagajeet Chiba, Gambling911.com
