New state and federal gambling laws in the US could affect betting income in 2026
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New US gambling laws, including limitations on loss deductions, could impact betting income and raise $1 billion for the government by 2026.Summary
A new US tax law, the One Big Beautiful Bill Act (OBBBA), is set to affect gambling winnings in 2026 by limiting the deduction of gambling losses to 90% of winnings. This change, estimated to generate $1 billion for the US government, means bettors may have to pay taxes on winnings even with significant losses. Representative Dina Titus has introduced the FAIR Bet Act to reverse this change, arguing it could push gamblers towards unregulated markets. Simultaneously, several states are enacting new laws targeting sweepstakes casinos and reviewing legislation related to prediction markets, potentially impacting the gambling landscape by 2026.
(Source：Readwrite)