Top Betting Markets July 3 as Gamblers Raise Alarms Over $1.1 Billion in Tax Hike as Part of Reconciliation Bill
All eyes were on the Nathan's Hot Dog Eating Contest for July 4 with plenty of prop bets available. Lots of interest over that Big Beautiful Bill that looked as if it were about to become law with passage in the House. Last 24 Hours Gambling911 Impressions: 78904 (63857 Per Day Average Impressions This Week, 50357 Per Day Average for Month)
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Gamblers Worried Over Tax Hike as Part of Reconciliation Measure
The House moved ahead on US President Donald Trump's policy bill Thursday morning, overcoming some G.O.P. resistance.
The action suggested a breakthrough on the party’s signature legislation that came after House Republican leaders haggled into the early morning hours with conservatives holdouts.
From Bloomberg News:
Gamblers are raising the alarm about a $1.1 billion tax hike buried in the Senate GOP’s tax bill that would slash their net winnings and potentially charge income tax when they break even or lose money.
In the Senate’s roughly 900-page version of President Donald Trump’s multitrillion-dollar tax bill, gamblers would only be able to deduct 90% of their losses when calculating their net income. Under current law, a bettor can deduct the entirety of their losses, up until the amount of their gambling winnings.
“I’ve spoken to many clients and they’re very concerned,” Zachary Zimbile, an accountant with experience in gambling regulations, said in an interview. “If you add a 10% penalty, it’s going to eat into a lot of their profit.”
Professional gamblers recently took to social media to rail against the measure, which would take effect next year, and urged Republicans to change it. Congressional scorekeepers have calculated it will net the government $1.1 billion through 2034.
Let's break this down further. Under that change, if a player were to report winnings of $100,000 and losses of $100,000, the player would still owe taxes on $10,000.
Several professional poker players have slammed the provisions, including Beyond the Game founder Phil Galfond and FiveThirtyEight founder Nate Silver.
Russell Fox, a tax professional with a Las Vegas-based firm and another poker pro, wrote in a blog post that the bill is "ugly towards gambling."
U.S. Rep. Dina Titus voiced her concerns.
"I'm working on a legislative fix that fairly treats gaming losses in the tax code," Titus wrote to X.
It's doubtful as a democrat she'll have much sway however.
Nathan's Hot Dog Eating Contest Prop Bets
Rot 2025 MLB on Screen Team Hot Dog Challenge - Who Will Be The Fastest To Eat 2 Hot Dogs? MoneyLine
800101 Basewinner +135
800102 Corbie Craig +125
800103 Kyle Purviance +200
800104 Kenny McAndress +250
Rot 2025 MLB on Screen Team Hot Dog Challenge - What Will Be The Winner Time? MoneyLine
800121 Over 46½ Seconds -125
800122 Under 46½ Seconds -115
Rot 2025 MLB on Screen Team Hot Dog Challenge - Matchups MoneyLine
800201 Basewinner -120
800202 Corbie Craig -120
Rot 2025 MLB on Screen Team Hot Dog Challenge - Matchups MoneyLine
800203 Basewinner -145
800204 Kyle Purviance +105
Rot 2025 MLB on Screen Team Hot Dog Challenge - Matchups MoneyLine
800205 Basewinner -175
800206 Kenny McAndress +125
Rot 2025 MLB on Screen Team Hot Dog Challenge - Matchups MoneyLine
800207 Corbie Craig -135
800208 Kyle Purviance -105
Rot 2025 MLB on Screen Team Hot Dog Challenge - Matchups MoneyLine
800209 Corbie Craig -175
800210 Kenny McAndress +125
Rot 2025 MLB on Screen Team Hot Dog Challenge - Matchups MoneyLine
800211 Kyle Purviance -130
800212 Kenny McAndress -110
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