{"id":447,"date":"2025-07-22T14:59:42","date_gmt":"2025-07-22T14:59:42","guid":{"rendered":"http:\/\/www.chuckwardrealestate.com\/?p=447"},"modified":"2025-09-22T12:09:19","modified_gmt":"2025-09-22T12:09:19","slug":"fair-bet-act-to-remedy-big-beautiful-bill-gambling-implications-musters-support","status":"publish","type":"post","link":"http:\/\/www.chuckwardrealestate.com\/index.php\/2025\/07\/22\/fair-bet-act-to-remedy-big-beautiful-bill-gambling-implications-musters-support\/","title":{"rendered":"FAIR Bet Act to Remedy \u2018Big Beautiful Bill\u2019 Gambling Implications Musters Support"},"content":{"rendered":"<ul>\n<li><strong>Rep. Dina Titus&#8217; FAIR Bet Act has bipartisan support<\/strong><\/li>\n<li><strong>The legislation would restore gambling losses to 100%<\/strong><\/li>\n<li><strong>The deduction was reduced to 90% through the One Big Beautiful Bill Act<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p class=\"p1\"><span class=\"s1\">US Rep. Dina Titus (D-NV) filed the FAIR Bet Act, or &#8220;Fair Accounting for Income Realized from Betting Earnings Taxation Act,&#8221; after Republicans passed their &#8220;One Big Beautiful Bill&#8221; that eliminated the 100% tax deduction on losses incurred from gambling.<\/span><\/p>\n<figure id=\"attachment_358017\" aria-describedby=\"caption-attachment-358017\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"size-post-thumbnail-858xAUTO wp-image-358017 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"FAIR Bet Dina Titus OBBBA\" width=\"858\" height=\"572\" data-src=\"http:\/\/www.chuckwardrealestate.com\/wp-content\/uploads\/2025\/07\/Gutk8k6XUAAaa_A-858x572-1.jpg\"><figcaption>Nevada Congresswoman Dina Titus is leading the charge to restore the gambling tax deduction to 100% with the FAIR Bet Act. The deduction was reduced to 90% through the One Big Beautiful Bill Act that President Donald Trump signed into law on July 4, 2025. (Image: X)<\/figcaption><\/figure>\n<p class=\"p1\"><span class=\"s1\">President Donald Trump and the GOP&#8217;s One Big Beautiful Bill (OBBB) has many <a href=\"https:\/\/www.casino.org\/news\/even-senators-who-shaped-spending-bill-blindsided-by-gambling-measure\/\">tax implications<\/a> that conservatives believe will help the American public and jumpstart the US economy. As it relates to the highly regulated casino and sports betting industries, the legislative package is largely a loser for most gamblers.<\/span><\/p>\n<div class=\"callout\">\n<p class=\"p1\"><span class=\"s1\">An OBBB provision reduces the amount of gambling losses a person can deduct from their annual IRS tax liability from 100% to 90%. While that might not seem like a big deal, it means a person who wins $50K throughout the year gambling but also racks up $50K in losses would need to pay taxes on $5,000 &#8212; money they didn&#8217;t retain at the end of the tax reporting year.<\/span><\/p>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">FAIR Bet seeks to restore the 100% deduction. The one-page bill would amend the OBBB &#8220;by striking 90 percent&#8221; and inserting &#8220;100 percent&#8221; in Section 165(d) of the Internal Revenue Code of 1986, as amended.&#8221; Without FAIR Bet, the OBBB tax provision is to be enacted next year.<\/span><span class=\"s1\">\u00a0<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\"><b>FAIR Bet Rallies Support<\/b><\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">With regulated gambling prevalent in nearly every state, the tax consequences of requiring individuals to pay taxes on net winnings they didn&#8217;t realize could be substantial. It also hampers a professional gambler&#8217;s ability to make a living.<\/span><\/p>\n<p class=\"p1\"><strong><span class=\"s1\">Since Titus filed FAIR Bet, the federal legislation has quickly <a href=\"https:\/\/www.casino.org\/news\/titus-fair-bet-act-garners-support-of-american-gaming-association\/\">garnered bipartisan support<\/a>. Just two weeks since its filing, the bill has garnered 10 cosponsors, with four being Republicans.<\/span><\/strong><\/p>\n<p class=\"p1\"><span class=\"s1\">FAIR Bet has the support of Reps. Ro Khanna (D-CA), Troy Nehls (R-TX), Steven Horsford (D-NV), Jefferson Van Drew (R-NJ), Mark Amodei (R-NV), Susie Lee (D-NV), Gil Cisneros (D-CA), Chris Deluzio (D-PA), Darren Soto (D-FL), and Guy Reschenthaler (R-PA).<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Reschenthaler co-chairs the Congressional Gaming Caucus with Titus.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\"><b>FAIR Bet Will Receive Fair Shake<\/b><\/span><span class=\"s1\">\u00a0<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">After introducing FAIR Bet to the US House of Representatives, Titus&#8217; bill was referred to the House Ways and Means Committee, where it has since sat. The bill is set for an off-site committee hearing in Las Vegas this Friday, July 25.<\/span><\/p>\n<div class=\"callout\">\n<p class=\"p1\"><span class=\"s1\">The House Ways and Means Committee has scheduled a &#8220;Full Committee Hearing&#8221; on the OBBB for 10 am PDT. The event will take place at the YESCO (Young Electric Sign Company) headquarters at 5119 Cameron St. The electric sign manufacturer owns the world-famous &#8220;Welcome to Fabulous Las Vegas&#8221; landmark and is responsible for Vegas Vic, the Fremont Street Experience canopy, and many other historic signs and electronic displays across the Las Vegas Valley.<\/span><\/p>\n<\/div>\n<p class=\"p1\"><span class=\"s1\">The public is invited to submit written testimony about the OBBB and FAIR Bet. Such submissions can be <a href=\"WMSubmission@mail.house.gov\">emailed here<\/a>. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">When a committee leaves the nation&#8217;s capital to conduct a meeting regarding legislation at or near a site related to the subject of the hearing, it&#8217;s known as a field hearing. The Congressional Research Service says such gatherings can raise the public visibility of an issue, provide opportunities for congresspeople to evaluate the issue in the real world, and reinforce a lawmaker&#8217;s relationship with their constituents by bringing the matter before them.<\/span><\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/fair-bet-act-remedy-big-beautiful-bill-tax-implications-musters-support\/\">FAIR Bet Act to Remedy &#8216;Big Beautiful Bill&#8217; Gambling Implications Musters Support<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\">Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. Dina Titus&#8217; FAIR Bet Act has bipartisan support The legislation would restore gambling losses to 100% The deduction was reduced to 90% through the One Big Beautiful Bill Act US Rep. Dina Titus (D-NV) filed the FAIR Bet Act, or &#8220;Fair Accounting for Income Realized from Betting Earnings Taxation Act,&#8221; after Republicans passed their &#8220;One Big Beautiful Bill&#8221; that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/447"}],"collection":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/comments?post=447"}],"version-history":[{"count":2,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/447\/revisions"}],"predecessor-version":[{"id":450,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/447\/revisions\/450"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media\/449"}],"wp:attachment":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media?parent=447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/categories?post=447"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/tags?post=447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}