This is odd, but included in a new bill
https://taxabletalk.com/2025/07/01/sena ... -gambling/
US Betting legislation
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JuiceyJones
- Posts: 162
- Joined: Wed Sep 02, 2020 3:00 pm
Very good to pro poker players seem like they will be getting it the worst. The hypothetical players in the article are kinda funny.
There are so many things in that bill that i do not understand.
There are so many things in that bill that i do not understand.
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wearthefoxhat
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What sounds weird is: Say to "Win" $1000 and then Lose $1000 = Nett $0....but then they would pay 10% on the win and 10% on the losses, $200!
If you never backed a winner and lost $1000, then you pay 10% on your losses = $100!
Or am I missing something? (quite likely)
If you never backed a winner and lost $1000, then you pay 10% on your losses = $100!
Or am I missing something? (quite likely)
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JuiceyJones
- Posts: 162
- Joined: Wed Sep 02, 2020 3:00 pm
I think that's right. But how about this.wearthefoxhat wrote: ↑Wed Jul 09, 2025 1:38 pmWhat sounds weird is: Say to "Win" $1000 and then Lose $1000 = Nett $0....but then they would pay 10% on the win and 10% on the losses, $200!
If you never backed a winner and lost $1000, then you pay 10% on your losses = $100!
Or am I missing something? (quite likely)
You win $100k in a year but lose $105k in a year. Down $5k for the year you will be taxed on $55k. Amazing.
So. I don't think this is political. Books here for years (depending on the state you're in) have tried to limit or ban winners. Not new news. Some states have told them they cannot do this though. New tax law makes winning consistently so much harder than it was before.
Or
One of Donnies boys is a part owner of one of those prediction market websites apparently. Different tax code so not effected by this. Business maybe get pushed that way?
Fuked if i i know.