The provision is expected to hit professional bettors hardest, as they are the ones who place large amounts of bets. The provision surprised many in the industry as well as numerous Republican senators involved in drafting the legislation, who told HuffPost they didn’t know how or why it was inserted into the bill. GOP lawmakers were under pressure to pass the bill by Trump’s self-imposed July 4 deadline. Two global entertainment giants—Evolution and Hasbro—are joining forces to redefine branded online casino gaming.
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“However, the Bell report underscores the NICC’s concerns that it was not receiving all of the facts from The Star at a time when we needed certainty the company could fund and prioritise an urgent business turnaround.” The Mississippi Gaming Commission (MGC) has officially joined the list of states cracking down on unlicensed online gambling. Louisiana is considering the legalization of online lottery in the state, which would include draw games and eInstant tickets.
What a number of gambling aficionados pointed out on social media was that by limiting the tax deduction to 90% of losses, gamblers could actually owe taxes in years when they netted losses on their bets. Latest news on Betting & Gambling, covering sports betting, casino gaming, online wagering, DFS, state regulations, responsible gambling and industry updates. Our readership consists of casino operators, gaming businesses and individuals who wish to stay informed in the fast-paced world of gambling.
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- “Any time you have a group essentially announcing to the world that they are going to do vengeance spending, it does cause lawmakers to pay attention,” he said.
- A source told IGN that Candy Crush developer King was hit hard, but the layoffs affect other parts of the gaming business.
- The bill Newsom signed, Senate Bill 549, gives tribes the ability to ask a judge to decide whether card rooms are allowed to operate table games such as black jack and pai gow poker.
Gambling revenues have reached record highs in recent years as legalized gambling has proliferated across the U.S. Thirty-eight states, plus Washington, D.C., and Puerto Rico, now have some form of legalized sports betting, which has exploded following a 2018 Supreme Court ruling that broke up Nevada’s monopoly on the practice. In 2024, commercial gaming revenue reached a record high of nearly $72 billion, according to the American Gaming Association, which represents the U.S. gambling industry. Trump’s One Big Beautiful Bill Act has been officially signed into law. Along with numerous law changes that I identified in a prior Forbes article, one specific provision looms large for the gambling industry.
However, starting in 2026, the taxpayer’s deductions will be capped at 90%, meaning that bestcasinositesonline bonuses the taxpayers can only deduct $900. The effect means that the taxpayer will record $100 of income from two bets, even though the taxpayer did not actually win any money. The actual tax liability for this $100 win will vary depending on the taxpayer’s taxable income. At the lowest end of the tax spectrum, the taxpayer will owe $10 in taxes, and at the highest end, the taxpayer will owe $37 in taxes.
Independent analysis of Trump’s “Big Beautiful Bill” found it would increase the already ballooning national debt by $3.3 trillion over the next 10 years. Flutter informed customers about the player data breach by email and said the incident has now been contained. Commenting on the campaign’s success, EGBA Secretary-General Maarten Haijer said that the campaign has been a success in its most recent iteration and that the association had learned important lessons. The increase in participation has been another encouraging trend to observe.
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