Gambling Tax is a punishment for bettors
For people who aren't bettors, this change in the gambling tax deduction might seem like it's a minor matter. For people who do a significant amount of sports betting, it is a very serious issue.
Suppose you bet $100 and lost the entire $100. Under the old system, which allowed for a 100% tax deduction, you'd be able to deduct the entire $100 loss. However, with the new 90% deduction rate, you can only claim $90 of that $100 loss. It's like losing twice. Yoy dropped the $100 on your bet and then had to pay an additional $10 to the government. Instead of breaking even, you're down $10.
This is the issue that White is emphasizing with Trump. It was
gambling industry influencer Dustin Gouker
who first revealed White's letter to the President via his social media channels.
"The current law makes it irrational to bet in the United States because you could end up owing taxes even when you lose or having a tax bill that exceeds your winnings for the year,” White wrote in his letter to the President.
White believes that the gambling tax change is impacting the UFC
The UFC will be holding a live card of MMA on the front lawn of the White House on July 4. It's part of the country's 250th birthday celebrations.
White believes that by limiting their gambling tax deductions, it is keeping people from wagering on UFC events.
"The change has knock-on effects for businesses like mine," White wrote. "The UFC supports a healthy, legal sports betting market to drive fan engagement, broadcast value, and sponsorships."
The UFC president also thinks that by changing the gambling tax laws, the U.S. government could be driving players to switch to unregulated offshore sports betting sites. Bettors don't pay taxes on wagers placed with those sites.
"When legal betting is discouraged, it hurts the ecosystem we've spent years building in partnership with state regulators and licensed operators," White notes. "It also undercuts the transparency and integrity protections that legal betting provides for professional sports."
Politicians are supportive of White's efforts
Politicians who've been unsuccessful in their attempts to return the 100 per cent gambling loss tax deductions are hopeful that White can convince Trump where they've failed to get his attention.
"I have a bipartisan bill to reverse the nonsense tax on gambling losses for exactly this reason," Nevada Senator Catherine Cortez Masto posted on X. "It’s hurting players, our gaming and tourism industry, and the workers who count on them for their livelihoods.
Nevada Rep. Dana Titus was also grateful for White's efforts. She's tried several times to get the 100% gambling tax deduction resumed.
"Thank you @danawhite for keeping up the pressure on @POTUS to restore the 100% tax deduction for gambling losses," Titus posted on her social media. "I’ve led the fight here in Congress to get this fixed with bipartisan support. We cannot postpone this issue any longer.”
4.8
/ 5
betting.net™ Rating
BetMGM Review
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
20+ sports available for wagering
Pre-match and in-play betting
Unique features like live streaming and boosted odds
Promo Code:
BETBONUSMGM
Bet Now
Gambling problem? Call 1-800-GAMBLER or 1-800-MY-RESET (Available in the US) 877-8-HOPENY or text HOPENY (467369) (NY) 1-800-327-5050 (MA), 1-800-BETS-OFF (IA), 1-800-981-0023 (PR). 21+ only. Please Gamble Responsibly. See BetMGM.com for Terms. First Bet Offer for new customers only (if applicable). Subject to eligibility requirements. Bonus bets are non-withdrawable. In partnership with Kansas Crossing Casino and Hotel. Promotional offers not available in Mississippi, New York, Ontario, or Puerto Rico.
4.8
/ 5
betting.net™ Rating
Top Features
- 20+ sports available for wagering
- Pre-match and in-play betting
- Unique features like live streaming and boosted odds
Cashout
yes
Live Streams
yes
Mobile Statistics
yes
Bet Now
Gambling problem? Call 1-800-GAMBLER or 1-800-MY-RESET (Available in the US) 877-8-HOPENY or text HOPENY (467369) (NY) 1-800-327-5050 (MA), 1-800-BETS-OFF (IA), 1-800-981-0023 (PR). 21+ only. Please Gamble Responsibly. See BetMGM.com for Terms. First Bet Offer for new customers only (if applicable). Subject to eligibility requirements. Bonus bets are non-withdrawable. In partnership with Kansas Crossing Casino and Hotel. Promotional offers not available in Mississippi, New York, Ontario, or Puerto Rico.
4.7
/ 5
betting.net™ Rating
Over 20 sports
Extensive betting markets
Live betting feature
Bet Now
Find out more on bet365's website
Whatever the moment. It's Never Ordinary at bet365. That's why if you sign up now you will receive $150 in Bonus Bets Win or Lose when you bet $5! Minimum $10 deposit required. Minimum odds -500 or greater. Bonus Bets wager excluded from returns. New customers only. T&CS, time limits and exclusions apply.GAMBLING PROBLEM? CALL 1-800-MY-RESET. 21+ (AZ/CO/IL/IN/KS/KY/LA/MD/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ (18+ KY). Must be present in AZ/CO/IA/IL/IN/KS/KY/LA (select parishes)/MD/NC/NJ/OH/PA/TN/VA.
4.7
/ 5
betting.net™ Rating
Top Features
- Over 20 sports
- Extensive betting markets
- Live betting feature
Cashout
yes
Partial Cashout
yes
Live Streams
yes
Bet Now
Whatever the moment. It's Never Ordinary at bet365. That's why if you sign up now you will receive $150 in Bonus Bets Win or Lose when you bet $5! Minimum $10 deposit required. Minimum odds -500 or greater. Bonus Bets wager excluded from returns. New customers only. T&CS, time limits and exclusions apply.GAMBLING PROBLEM? CALL 1-800-MY-RESET. 21+ (AZ/CO/IL/IN/KS/KY/LA/MD/NC/NJ/OH/PA/TN/VA) or 1-800-BETS OFF (IA). 21+ (18+ KY). Must be present in AZ/CO/IA/IL/IN/KS/KY/LA (select parishes)/MD/NC/NJ/OH/PA/TN/VA.
4.7
/ 5
betting.net™ Rating
FanDuel Review
New Users – Bet $5 Get $200 in Bet Reset Tokens for 5 Days
Deep market coverage across major U.S. sports and leagues
Same Game Parlay builder is fast and easy to use
Live betting interface updates quickly with real-time odds
Bet Now
Gambling Problem? Call 1-800-GAMBLER or 1-800-MY-RESET. Call 1-888-789-7777 or visit ccpg.org/chat (CT). Hope is here. GamblingHelplineMA.org or call (800) 327-5050 for 24/7 support (MA). Visit www.mdgamblinghelp.org (MD). Call 1-877-HOPENY or text HOPENY (467369) (NY). 21+ (18+ DC, IA, KY, WV) only. New users only or text HOPENY (467369) (NY). Casino, First online real money wager only. $5 first deposit required. Min $5 wager required for 5 consecutive days. Bonus issued as non-withdrawable Bet Reset tokens. Refund from token issued as nonwithdrawable bonus bet that expire 7 days after receipt. Max refund $200 per day. Restrictions apply, including token expiration. See full terms at fanduel.com/sportsbook. Call 1-877-770-7867 (LA).
4.7
/ 5
betting.net™ Rating
Top Features
- Deep market coverage across major U.S. sports and leagues
- Same Game Parlay builder is fast and easy to use
- Live betting interface updates quickly with real-time odds
Cashout
yes
Live Streams
yes
Mobile Statistics
yes
Bet Now
Gambling Problem? Call 1-800-GAMBLER or 1-800-MY-RESET. Call 1-888-789-7777 or visit ccpg.org/chat (CT). Hope is here. GamblingHelplineMA.org or call (800) 327-5050 for 24/7 support (MA). Visit www.mdgamblinghelp.org (MD). Call 1-877-HOPENY or text HOPENY (467369) (NY). 21+ (18+ DC, IA, KY, WV) only. New users only or text HOPENY (467369) (NY). Casino, First online real money wager only. $5 first deposit required. Min $5 wager required for 5 consecutive days. Bonus issued as non-withdrawable Bet Reset tokens. Refund from token issued as nonwithdrawable bonus bet that expire 7 days after receipt. Max refund $200 per day. Restrictions apply, including token expiration. See full terms at fanduel.com/sportsbook. Call 1-877-770-7867 (LA).
Related Articles on betting.net™