The recently passed "One Big Beautiful Bill Act," championed by President Donald Trump, includes a provision that limits the amount of gambling losses professional and recreational gamblers can deduct on their federal taxes to 90% of their winnings. Previously, gamblers could deduct 100% of their losses, which helped offset taxable income from gambling winnings. This change effectively means that even gamblers who break even or lose money could owe taxes, leading to potential tax increases estimated at $1.1 billion. Professional gamblers warn that this tax rule could turn profitable years into net losses after taxes and may drive bettors toward offshore or unregulated markets. The gambling industry, which reportedly generated nearly $115 billion last year, faces concerns over the impact on profitability, tourism, and jobs, especially in gambling hubs like Las Vegas. Nevada Representative Dina Titus has introduced the FAIR BET Act to restore full gambling loss deductions, arguing that the new cap unfairly taxes bettors on money they did not win. The provision has drawn criticism from industry stakeholders, lawmakers, and analysts, with some calling it a "brutal" tax hike. The debate continues as efforts to repeal or amend the gambling tax changes gain momentum in Congress.