Under the tax bill (OBBBA) in 2026, you cant write off all of your losses. So if you break even for the year, they hit you with whatever is left of your 90% deduction as taxable income… meaning on your taxes starting 2026, you are potentially paying a boat load of tax even if you didnt win anything for the year! Are only sportsbook apps going to calculate this and what if you are betting on a kiosk or inside a casino…
i bring this up because there is a good chance that most bettors are going to winning half their bets and losing half their bets or close to it. This creates big tax liability and makes it near impossible to overcome the 90% deduction.
i am wondering
how are sportsbook apps, online casinos and casinos going to caluclate this? What wagers? What bets? What payout ratios?
What limits? What the heck is going on?!
It appears almost bad for business ... am i missing something here? Are gamblers like us going to put up with this?
thank you for your attention to this matter.
it almost seems bad for business … am i missing something here?
1
To remove first post, remove entire topic.
Under the tax bill (OBBBA) in 2026, you cant write off all of your losses. So if you break even for the year, they hit you with whatever is left of your 90% deduction as taxable income… meaning on your taxes starting 2026, you are potentially paying a boat load of tax even if you didnt win anything for the year! Are only sportsbook apps going to calculate this and what if you are betting on a kiosk or inside a casino…
i bring this up because there is a good chance that most bettors are going to winning half their bets and losing half their bets or close to it. This creates big tax liability and makes it near impossible to overcome the 90% deduction.
i am wondering
how are sportsbook apps, online casinos and casinos going to caluclate this? What wagers? What bets? What payout ratios?
What limits? What the heck is going on?!
It appears almost bad for business ... am i missing something here? Are gamblers like us going to put up with this?
thank you for your attention to this matter.
it almost seems bad for business … am i missing something here?
Under the tax bill (OBBBA) in 2026, you cant write off all of your losses. So if you break even for the year, they hit you with whatever is left of your 90% deduction as taxable income… meaning on your taxes starting 2026, you are potentially paying a boat load of tax even if you didnt win anything for the year! Are only sportsbook apps going to calculate this and what if you are betting on a kiosk or inside a casino… i bring this up because there is a good chance that most bettors are going to winning half their bets and losing half their bets or close to it. This creates big tax liability and makes it near impossible to overcome the 90% deduction. i am wondering how are sportsbook apps, online casinos and casinos going to caluclate this? What wagers? What bets? What payout ratios? What limits? What the heck is going on?! It appears almost bad for business ... am i missing something here? Are gamblers like us going to put up with this? thank you for your attention to this matter. it almost seems bad for business … am i missing something here? It's good that there are resources like https://oncasinos.ca/free-online-slots/ where everything is tested and reliable. You can immediately see the payment methods and other details. I trust only him.
Unclear rules, inconsistent tracking across apps and casinos, and significant tax risk will likely deter casual bettors!
0
Quote Originally Posted by Predictorama:
Under the tax bill (OBBBA) in 2026, you cant write off all of your losses. So if you break even for the year, they hit you with whatever is left of your 90% deduction as taxable income… meaning on your taxes starting 2026, you are potentially paying a boat load of tax even if you didnt win anything for the year! Are only sportsbook apps going to calculate this and what if you are betting on a kiosk or inside a casino… i bring this up because there is a good chance that most bettors are going to winning half their bets and losing half their bets or close to it. This creates big tax liability and makes it near impossible to overcome the 90% deduction. i am wondering how are sportsbook apps, online casinos and casinos going to caluclate this? What wagers? What bets? What payout ratios? What limits? What the heck is going on?! It appears almost bad for business ... am i missing something here? Are gamblers like us going to put up with this? thank you for your attention to this matter. it almost seems bad for business … am i missing something here? It's good that there are resources like https://oncasinos.ca/free-online-slots/ where everything is tested and reliable. You can immediately see the payment methods and other details. I trust only him.
Unclear rules, inconsistent tracking across apps and casinos, and significant tax risk will likely deter casual bettors!
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