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A thread about the Senate proposal: The bill limits gambling losses to 90% of those actually incurred. For pro gamblers, the 90% limitation also applies to business expenses. This may impact many, but is much more punitive to those with large gross winnings and losses.

Can you make a case that it's not gambling income? Sure. Is that written in stone? Absolutely not. This was a pretty good piece about the issue with some accounting folks quoted marketwatch.com/story/yes-your…

IT'S OFFICIAL: California Attorney General Rob Bonta has released the state's Dept. of Justice opinion on whether daily fantasy sports are illegal in California. He says they are. oag.ca.gov/system/files/a…

JUST IN: Gov. Newsom disagrees with CA AG Rob Bonta’s decision outlawing online fantasy sports platforms. Newsom’s spox: “While the Governor does not agree with the outcome, he welcomes a constructive path forward in collaboration with all stakeholders.” kcra.com/article/rob-bo…

The California AG opinion on fantasy sports is now out. Link below. Despite the authors' repeated insistence on referring to "daily fantasy sports," I don't see *any room* in this opinion for any real-money fantasy sports to exist in CA - daily, season-long, or any point in

The passage of the One Big Beautiful Bill Act significantly enhances our industry’s ability to sustain quality jobs and deliver economic benefits — and we look forward to President Trump’s expected signature.

Having been hit with numerous questions on the new gambling tax law (which doesn't go into effect until 2026), some thoughts in this thread🧵 1/n

Republicans just passed legislation to kneecap sports and gambling in America by limiting the tax dedication on losses- that means that even in years you manage to beat the house, you get shafted. This is an attack on freedom, fun, and sports.

🚨Rep. Ryan Zinke (R-MT) is the first Republican Congressman to publicly mention that there are "some small gambling issues that can be corrected", signaling he's on our side. I missed this on Wednesday. He joins Rep. Titus (D-NV) and Rep. Khanna (D-CA) on the "publicly

"Astounding" "Asinine" "One of the dumbest things I've ever seen" Gamblers are irate about a subtle change to the tax code that could put sharp sports bettors out of business and cause others to pay taxes on losing bets. Me in The Washington Post washingtonpost.com/sports/2025/07…

On Monday I’m introducing the FAIR BET Act, the Fair Accounting for Income Realized from Betting Earnings Taxation Act, to permanently restore the 100% loss deduction from gambling winnings. I welcome all other members to join this common sense fix.

I have solutions for all three! 🏈 The Discriminatory Gaming Tax Repeal Act ⚖️ The soon to be introduced FAIR BET Act 🎰 The SLOT Act Gaming should be treated like any other industry.