Nevada Congresswoman Dina Titus has introduced a bill to counter the tax changes made to sports betting that were included in the recently approved One Big Beautiful Bill.
Titus’ bill, dubbed the Fair Accounting for Income Realized from Betting Earnings Taxation, or FAIR BET Act, would restore 100 percent deductions for gambling losses, including sports betting.
“The recently passed budget bill included a provision inserted by Senate Republicans without consent of the House that imposed a tax increase on Americans who gamble by reducing from 100 percent to 90 percent the amount of losses they can deduct from gambling winnings for their income taxes,” Titus said in a release.
“My FAIR BET Act would rightfully restore the full deduction for losses so gamblers don’t pay taxes on money they haven’t won.
Titus also cited a lack of fairness in the new tax changes which she fears will lead people to fail to report gambling winnings and to transition to unregulated gambling platforms to avoid reporting.
Under changes made in the recently passed budget bill gambling losses reductions were reduced from 100 percent to 90 percent. Under this reduced method, gamblers would end up paying taxes on money the lost. For example, if they reported $10,000 in gambling losses they would still need to pay taxes on $1,000 of income.
Titus’ bill will now head to the House Ways and Means Committee for review and discussion.
