Phil Galfond

The version of President Donald Trump's "Big Beautiful Bill" passed by the Senate earlier this week contains a tax provision that could prove prohibitive to gamblers, with ramifications for horse racing's bottom line. In the Senate's version of the bill, deductions for gambling winnings will be limited to 90% of annual losses. Currently, gamblers can deduct 100% of wagering losses (below a net profit) for any given year. As NBC Sports describes it, "$100,000 in winnings against $100,000 in losses will be treated for tax purposes as if the losses...