New Gambling Tax Rule in the Big Beautiful Bill (H.R. 1): Wagering Loss Deductions Capped at 90%

Are your gambling losses still tax-deductible? Not entirely. In this episode of Full Throttle Finance™, we break down Section 70114 of the Big Beautiful Bill (H.R. 1), which caps wagering loss deductions at 90%, even if your records are flawless and you break even.

We’ll walk you through:
How the new wagering loss cap works with real-world examples
What this means for sports bettors, casino players, and poker pros
Why even break-even gamblers could now owe taxes
Who’s impacted most and how this affects the hospitality industry
Pro tips for recordkeeping and tax strategy if you gamble regularly

🎰 Whether you're a casual bettor or run a professional betting program, this is a tax change you can't afford to ignore.