UFC’s Dana White asks Trump for help on gambling tax provision
UFC president Dana White penned a letter to President Donald Trump, asking him to implore Congress to reverse a provision inside the One Big Beautiful Bill Act that locations a 90% restrict on gambling loss deductions.
“The current law makes it irrational to bet in the United States because you could end up owing taxes even when you lose or having a tax bill that exceeds your winnings for the year,” White wrote within the letter, which was dated May 11 and famous that he and Trump had mentioned the subject up to now. “The UFC supports a healthy, legal sports betting market to drive fan engagement, broadcast value, and sponsorships. When legal betting is discouraged, it hurts the ecosystem we’ve spent years building in partnership with state regulators and licensed operators.”
The UFC confirmed to ESPN the authenticity of the letter, which was first reported by gambling journalist Dustin Gouker.
When the invoice was signed into legislation in July, many within the authorized betting neighborhood raised alarm in regards to the doubtlessly dangerous results of the brand new tax legislation, significantly in how it could have an effect on excessive stakes {and professional} bettors. For instance, a bettor who gained $100,000 price of wagers and misplaced $100,000 netted no cash however could be allowed to deduct solely $90,000 from their tax invoice and would want to pay taxes on $10,000 of earnings.
Since then, trade advocates and legislators on each side of the aisle have been working to reverse the provision. US Rep. Dina Titus of Nevada’s 1st District, which incorporates a part of Las Vegas, introduced the Fair Accounting for Income Realized from Betting Earnings Taxation Act shortly after the passage of OBBBA, however it has not made its manner by means of Congress for a correct vote.
“Restoring the 100 percent gambling loss deduction remains a top priority for the AGA, and we continue to actively engage with Congress and the administration to support a legislative solution,” American Gaming Association senior vp of presidency relations Chris Cylke mentioned in an announcement to ESPN. “We appreciate Dana White helping raise awareness about the negative impacts this issue has not only on bettors, but also on businesses and jobs connected to the legal gaming ecosystem.”
ESPN’s David Purdum contributed to this report.
