- Aug 6, 2012
- 66,036
- 76,501
- Aug 6, 2012
- 66,036
- 76,501
LAS VEGAS (FOX5) — There are growing calls by gamblers, resorts and casinos and Southern Nevada lawmakers for Congress to change tax laws before January 1, 2026.
Gaming leaders warn that the provisions in the Big Beautiful Bill could be devastating to Las Vegas, the gaming industry and the state’s economy. Critics argue, new taxation codes in the BBB will ultimately force gamblers to pay taxes on money lost.
Currently, gamblers can deduct 100% of their losses against their winnings.
In the below example, if a player loses $100,000 and then wins $100,000 in a “wash,” the player can claim 100% of their losses and owe nothing to the IRS.
However, the Big Beautiful Bill decreases the loss deduction to 90%.
In the same scenario, if a player loses $100,000 and then wins $100,000, the player can only deduct 90% of their losses, or $90,000; the remaining $10,000 of losses becomes subject to federal taxes.
The World Series of Poker calls Las Vegas home, but numerous professional gamblers have concerns whether their careers-- at least in the U.S.-- can endure the new tax provisions. Host, commentator and Las Vegas local Tony Dunst shares insight.
“We’re all furious. We’re extremely upset and feel that essentially we’re being highlighted to try and extort more money out of us, when we already had a fair system in place and you’re making our profession near impossible,” Dunst tells FOX5.
“I‘ve been told by a number of my peers that they will essentially either retire from being a professional poker player or professional gambler or shift the majority of their volume and attention to offshore sites,” he said.
www.fox5vegas.com
Gaming leaders warn that the provisions in the Big Beautiful Bill could be devastating to Las Vegas, the gaming industry and the state’s economy. Critics argue, new taxation codes in the BBB will ultimately force gamblers to pay taxes on money lost.
Currently, gamblers can deduct 100% of their losses against their winnings.
In the below example, if a player loses $100,000 and then wins $100,000 in a “wash,” the player can claim 100% of their losses and owe nothing to the IRS.
However, the Big Beautiful Bill decreases the loss deduction to 90%.
In the same scenario, if a player loses $100,000 and then wins $100,000, the player can only deduct 90% of their losses, or $90,000; the remaining $10,000 of losses becomes subject to federal taxes.
The World Series of Poker calls Las Vegas home, but numerous professional gamblers have concerns whether their careers-- at least in the U.S.-- can endure the new tax provisions. Host, commentator and Las Vegas local Tony Dunst shares insight.
“We’re all furious. We’re extremely upset and feel that essentially we’re being highlighted to try and extort more money out of us, when we already had a fair system in place and you’re making our profession near impossible,” Dunst tells FOX5.
“I‘ve been told by a number of my peers that they will essentially either retire from being a professional poker player or professional gambler or shift the majority of their volume and attention to offshore sites,” he said.
Growing calls by gamblers, gaming industry to change tax laws before 2026
There are growing calls by gamblers, resorts and casinos and Southern Nevada lawmakers for Congress to change tax laws before January 1, 2026.
- Dec 9, 2002
- 36,173
- 30,325
6 Rings G.O.A.T.
Supporter
- Feb 11, 2006
- 144,265
- 131,725
I'll be a wolf of wall street next year..
- Feb 2, 2025
- 8,634
- 19,425
as usual, the government wants their hand in everything.Gambling is taxes in OK. I will at that those who will, still do. Won’t really stop that.
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