Trying to turn a $1 to about $3.50
Joined May 2009
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“I don’t know if coming down the stretch of you want Marcus Smart taking all
you shots”
-Stan Van Gundy
Frankie Sides retweeted
🧵The Financial Mistake and of the new gambling tax:
Why it effects even non-gamblers, further disfranchises the lower class, finances criminal organizations, hurts social programs such as education, and will hit the state governments.
A mathematical, financial, political, macro, and microeconomic view with models and sources.
Frankie Sides retweeted
Now’s the time to keep up the pressure.
I urge the rest of the Nevada delegation to support the FAIR BET Act because it protects the lifeblood of our economy: gaming.
Frankie Sides retweeted
I just introduced the FAIR BET Act with @RepRoKhanna to rightfully restore the 100% tax deduction for gaming losses.
I encourage other members to support this critical fix.
Please reach out to your congressman to support this. Mine blocked me for my last post…so somebody tag him too please.
I reached out to my congressman @RepJoshG with a thoughtful explanation of the 90% sports deduction in the BBB and why it is problematic.
I get this canned reply back. Talk about not listening to your constituents. Will 100% be voting for your opponent in 2026.
Frankie Sides retweeted
I made contacting your representative about the Big Beautiful Bill’s gambling 'phantom' tax cap stupidly easy.
2 minutes to protect your (and other gambler's) deductions: buildingbankroll.beehiiv.com…
Frankie Sides retweeted
Buried within the BS Republican Budget bill is a provision that harms poker players and those who gamble by limiting loss deductions. I’m working on a legislative fix that fairly treats gaming losses in the tax code.
Frankie Sides retweeted
It’s been 24 hours since I first posted about the impending implosion of gambling in the US.
Still no statement from @AmericanGaming.
If I was an operator paying this organization to be my lobbyist, I’d be livid.
Frankie Sides retweeted
RT for awareness. Tax code is already punitive to poker players (you get taxed on winning years but can't write off losing years unless you file as a pro; it's easy to have a down year even as a good player) and Senate-passed version of OBBBA would make it considerably worse.
Holy Shit….please pass this one along and take 5 minutes to contact your representative in the house.
If this doesn’t get amended, sports betting is effectively over in the US.
Yikes.
Senate Amendment to the Big Beautiful Bill =
You get taxed on more than you earned from gambling, even if you netted $0 (or less!).
Here's how it works and what you can do...
The change
If it passes in this form, starting in 2026, gambling losses (and expenses) will only be 90% deductible (and still only up to your total winnings).
What this means in plain English
If you win $100k and lose $100k – You’ll owe tax on $10k of “phantom” income.
If you win $100k and lose $50k – You actually profited $50k, but you’ll owe tax on $55k.
If you win $100k and lose $150k – No tax owed (your deduction is capped at $100k, which is more than 90% of $150k ($135k)).
(Editing in from my post below because it's important:
A pro who earns $200k/year might have $3m in winnings and $2.8m in losses.
This means earning $200k and being taxed as if they earned $480k.)
This applies to both recreational and professional gamblers.
For pros, your travel, coaching, software, etc. are lumped into the “loss” bucket and still subject to the 90% cap.
What to do
Pulling from @russcfox's post:
"If you don't like this (and I don't), and if you have a GOP Congressman, let them know. (You can find your House representative at house.gov/representatives/fi…) Be respectful in your message, and, yes, they are looked at."
Thank you for breaking the news and keeping poker players posted, Russ!
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UFC 317 Recap
2-1 +.4u
Delgado and the parlay hit. Hermansson got KO’d in what I think was a pretty poor bet by me. We take the dub and move on.
🤜UFC 317 Picks🤛
Delgado -130 .5u
Hermansson +190 .25u
Diniz, Pantoja, Topuria MLP boosted +150 .2u
Delgado better precision.
Jack…I probably should have bet live but hoping cardio helps him late.
Parlay: Just using the boost here.