{"id":4453,"date":"2025-07-12T14:39:04","date_gmt":"2025-07-12T14:39:04","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/4453\/"},"modified":"2025-07-12T14:39:04","modified_gmt":"2025-07-12T14:39:04","slug":"gamblers-voice-growing-concerns-over-big-beautiful-bill-and-impact-on-taxes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/4453\/","title":{"rendered":"Gamblers voice growing concerns over \u201cBig Beautiful Bill\u201d and impact on taxes"},"content":{"rendered":"

LAS VEGAS (FOX5<\/a>) \u2014 From casual gamblers to professional gamblers, plenty of people are concerned over changes to gambling deductions and new taxes passed by Congress in the Big Beautiful Bill. <\/p>\n

Derek Stevens, the owner of Circa Resort & Casino, has been vocal on social media about the looming ripple effect on Nevada\u2019s primary industry and countless hospitality jobs: added taxes could discourage professional or casual play in the U.S. <\/p>\n

\u201cIt\u2019s going to significantly reduce revenues to the state of Nevada,\u201d Stevens told FOX5. \u201cThis is something that that a lot of people don\u2019t understand how impactful it will be… No one wants to pay tax on phantom income. You could owe on income that you never received. That\u2019s really not the way the way things ought to be set up,\u201d he said. <\/p>\n

Currently, gamblers can deduct 100% of their losses against their winnings. <\/p>\n

In the below example, if a player loses $100,000 and then wins $100,000 in a \u201cwash,\u201d the player can claim 100% of their losses and owe nothing to the IRS. <\/p>\n

\"TheThe Big Beautiful Bill decreases the loss deduction to 90%.(FOX5)<\/p>\n

However, the Big Beautiful Bill decreases the loss deduction to 90%. <\/p>\n

In the same scenario, if a player loses $100,000 and then wins $100,000, the player can only deduct 90% of their losses, or $90,000; the remaining $10,000 of losses becomes subject to federal taxes. <\/p>\n

If you win a certain threshold, casinos report your win to the IRS; in slot machines, a single spin of $1,200 and more triggers the need for a W-2 G.<\/a> For sports betting, it would require winnings from a 300-1 wager.<\/p>\n

Gary Kondler, a CPA from Kondler & Associates has had numerous frantic calls from clients for days. He illustrates a less-expensive scenario: <\/p>\n

\u201cFor the player that goes to Bingo, has $10,000 on that form and they come to me and they say \u2018Gary, dead-break even, $0 loss, $0 gain that client is now going to have to pay tax on $1,000,\u201d Kondler said. <\/p>\n

Kondler warns of other impacts during tax filing. <\/p>\n

\u201cWhat a lot of people also need to start to understand is that not only are they going to go and pay tax, because they drew up W-2 G\u2019s and deducted them as losses through their return, it also affected their standard deduction,\u201d he said. <\/p>\n

The changes have players at the World Series of Poker very worried, Kondler said. <\/p>\n

\u201cPoker players are pretty freaked out right now. Obviously, a lot of these players are coming in with big buy-ins, big cash-outs. Not only is it for my U.S. clients, but every person down here today at the main event. There\u2019s also international clients who are taxed 30% when they go and cash out at the cage,\u201d he said. <\/p>\n

Stevens worries changes will drive high-rollers overseas or underground. <\/p>\n

\u201cFor Circa Sports, very conservatively, we think we\u2019re going to drop 20% of our handle could be potentially 40% of our handle. That\u2019s going to affect the states that we\u2019re in. I think a lot of people just don\u2019t really understand that forcing people to bet illegally or bet offshore is not a good long-term solution,\u201d Stevens said. <\/p>\n

Congresswoman Dina Titus has been efforting the Fair Bet Act to restore the 100% deduction, updating social media followers on bipartisan efforts. \u201cNow it\u2019s time to eliminate this unfair tax on phantom income,\u201d she posted<\/a> on X. <\/p>\n

Thursday, an effort in the Senate by Sen. Catherine Cortez Masto<\/a> for her Full House Act to restore full deductions was blocked. \u201cTheir tax hike is a bad deal for Nevada, and I\u2019ll keep working to repeal it,\u201d she said on X. <\/a><\/p>\n

Copyright 2025 KVVU. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"LAS VEGAS (FOX5) \u2014 From casual gamblers to professional gamblers, plenty of people are concerned over changes to…\n","protected":false},"author":2,"featured_media":4454,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[97,259,260],"class_list":{"0":"post-4453","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mental-health","8":"tag-health","9":"tag-mental-health","10":"tag-mentalhealth"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/4453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=4453"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/4453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/4454"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=4453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=4453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=4453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}