Controversial Trump Bill Sparks Fears for U.S. Sports Betting Industry
Originally Published 6 months ago — by CNN
A provision in the recent US tax and spending bill, altered during the legislative process to comply with reconciliation rules, reduces the gambling loss deduction from 100% to 90%, causing concern among professional gamblers and industry officials who argue it unfairly taxes 'phantom' winnings and could harm the gambling industry. Efforts are underway to reverse this change.