💨 Abstract
The recently enacted One Big Beautiful Bill Act (OBBBA) has introduced a "phantom tax" on gambling, allowing gamblers to deduct only 90% of their losses against their winnings, rather than 100%. This change primarily affects high-stakes players and professional gamblers who itemize their returns. Critics worry it may drive big players to unregulated alternatives or out of the industry, impacting casino and sports betting revenues.
Courtesy: WTOP Staff
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