Ep 557: The "Beautiful Bill" That's Ugly for Gamblers, with Captain Jack Andrews

On this episode of iGaming Daily, Managing Editor, Jessica Welman, and Professional Gambler and Founder of Unabated.com, Jack Andrews, break down a major shift in gambling tax law that’s sending shockwaves through the betting world.

Buried within the “One Big Beautiful Bill Act,” the controversial change overhauls how gambling winnings and losses are reported, eliminating the long-standing ability to deduct losses dollar-for-dollar against winnings. This episode dives deep into what the change means for recreational bettors, high-volume players, and industry stakeholders navigating the financial consequences.

At the heart of the issue is a new cap limiting gambling loss deductions to just 90% of winnings. This means that even players who walk away with a net loss could owe taxes on up to 10% of their gross wins. Jack Andrews lays out the math: if you win £100,000 but lose £105,000, you’d still owe taxes on £5,000. The implications are especially dire for high-net-worth bettors and VIPs who represent the lifeblood of casino revenue.

With fears that the IRS could now more aggressively target these players, the hosts explore how this tax tweak could inadvertently push bettors toward offshore markets and unregulated platforms, threatening the stability of the legal gaming ecosystem.

Jessica and Jack also scrutinise the mixed responses from key industry players. While the American Gaming Association initially applauded the legislation, it quickly reversed course after internal backlash. Meanwhile, the Sports Betting Alliance has stayed notably quiet.

The episode uncovers growing speculation around how such a sweeping change made it into the bill unnoticed, even by members of the Senate Finance Committee.

Host: Jessica Welman
Guest: Jack Andrews
Producer: James Ross
Editor: James Ross

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