Nevada lawmaker introduces new legislation in response to US budget bill
As part of President Donald Trump’s budget reconciliation bill, gamblers would only be able to deduct 90% of losses from their winnings throughout the year.
Key Points
- Introduced by Representative Dina Titus on July 7, the FAIR BET Act restores deductions back to 100% and has received support from Circa Sports CEO Derek Stevens
- The bill is co-sponsored by fellow US Representative Ro Khanna and was described as “common-sense legislation” by Titus at the time of introduction
Following President Donald Trump’s signing of the Big Beautiful Bill Act on July 4, Nevada Representative Dina Titus has introduced the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act to counter the “anti-gambling” measures put forth in the budget reconciliation bill.
“My FAIR BET Act would rightfully restore the full deduction for losses so gamblers don’t pay taxes on money they haven’t won,” Titus said on July 7 when introducing the legislation.
“It gives everyone — from recreational gamblers to high-stakes gamblers — a fair shake.”
President Trump’s budget reconciliation bill would only allow for gamblers to deduct 90% of their losses along with any winnings made throughout the year, meaning if a player won $100,000 in 2025 but also lost $100,000, they still have to pay $10,000 in taxes.
Titus’ bill would reimplement the full deduction tax code, but the President’s legislation is set to go into effect by 2026 at the time of writing.
Good to know: Prior to the California Attorney General issuing a finding regarding his views on the legality of DFS operations, four class action lawsuits were filed against FanDuel, DraftKings, PrizePicks and Underdog Fantasy in state federal court on July 3
Circa Sports CEO Derek Stevens showed support for the FAIR BET Act leading up to July 7, also encouraging Titus to eliminate the sports betting excise tax and restore the $2,000 slot reporting threshold that was lowered to $1,200 as part of the budget reconciliation bill.
Titus went on to state the US government “should be encouraging players to properly report their winnings and wager using legal operators,” as she believes the recent changes will “push people to not report their winnings and to use unregulated platforms.”
The bill is co-sponsored by fellow US Representative Ro Khanna and was described as “common-sense legislation” by Titus at the time of introduction.
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