Democratic Nevada Rep. Dina Titus plans to introduce the FAIR BET Act to address a change in gambling tax deductions introduced in President Trump’s budget. The new provision allows bettors to deduct only 90% of their losses against 100% of their gains, compared to the previous 100-to-100 deduction. Titus aims to restore the full deduction for gambling losses through her proposed legislation.
Titus expressed concerns that the new tax code could drive gaming toward the black market, which lacks regulation and does not contribute to taxes or address problem gambling issues. This shift could negatively impact both the gaming industry and players.
Derek Stevens, owner of the Circa casino in Las Vegas, supported Titus’s initiative and suggested that Congress should also consider raising the tax-free threshold for slot winnings, currently set at $1,200. The American Gaming Association has indicated its intention to collaborate with Congress to address these changes and further modernize the tax code.