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Poker pro Doug Polk this week appeared on NewsNation this week to discuss the state of gambling in the U.S. Polk says "What is happening to gambling in this country is wrong".
Polk Says "What is Happening to Gambling in This Country is Wrong"
Polk is widely considered among the very best head's up no limit poker players in the game today.
The problem with language in the recently passed Big Beautiful Bill that now prohibits deducting 100 percent of gambling losses is that you are not allowed to carry forward losing years.
In a nutshell, under the new legislation, if a player were to report winnings of $100,000 and losses of $100,000, the player would still owe taxes on $10,000.
"Everything is year to year," Polk explained. "There are no deductions moving forward. You are taxing people on money they didn't make. We have so many taxes in this country and so many forms and frankly I'm a little surprised to see the Republican party looking for more taxation. They are going to go after money that is not even existing from these people. It hits my industry pretty hard."
Polk noted that there are a few lawmakers looking to try to fix this.
He recently sat down with Senator Cortez Masto (of Nevada), who is among those looking to walk this back.
"If you are a winning gambler, your margins are small," Polk added. "This law essentially makes you irrelevant. You can't exist in your career path."
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50 Attorneys Generals Warn of Unregulated Sports Betting in US
50 US attorney generals sent a joint letter to U.S. Attorney General Pam Bondi asking for the U.S. Department of Justice to shut down illegal gaming outlets, seize related assets and block unlawful transactions.
The Attorneys Generals say these foreign companies are operating without proper licenses, offer little to no customer protection and fail to adequately verify the age of their users, thus exposing children to gambling.
Over the past few months, much of the focus has been on sweepstakes casinos and sportsbooks as well as prediction markets, some of which are based in the U.S.. Offshore sportsbooks are based entirely in nations where the activity is legal.
“Illegal offshore gaming and gambling companies circumvent all state and federal laws with one mission: to increase players and maximize profits, exposing children and other vulnerable Pennsylvanians to gambling without protections offered by legitimate outlets,” Pennsylvania Attorney General Dave Sunday said. “Gambling and gaming remains legal in Pennsylvania, and online gamblers should look for the official Pennsylvania Gaming Control Board logo on licensed operators` websites to ensure their gaming and gambling experience is safe and regulated.”
According to the coalition of Attorneys Generals, illegal online gaming is estimated to exceed more than $400 billion in volume each year, causing states to lose over $4 billion in potential tax revenue.
Many of these offshore sportsbooks have been in operation for more than 25 years. Most are licensed by jurisdictions where the activity is deemed as legal.
Rep. Dina Titus Urges Probe Into CFTC Chair Nominee Brian Quintenz Over Prediction Market Ties
Rep. Dina Titus is pressing the U.S. Commodity Futures Trading Commission to investigate potential incoming chair Brian Quintenz as he awaits a nomination vote.
The Nevada Democrat sent a letter to CFTC Acting Chair Caroline Pham on Monday asking the agency to answer questions on whether Quintenz violated CFTC policies, applicable federal statutes, or ethics pledges — specific to prediction markets and event contracts.
Titus tweeted:
As co-chair of the Congressional Gaming Caucus, I am urging the @CFTC to investigate @BrianQuintenz, as the Senate considers his nomination for Chair of the CFTC.
Quintenz is currently on the board of Kalshi and holds stock options in the company, which is regulated by the CFTC.
It is imperative that the public fully understand the extent of his involvement regulating a sector in which he has a substantial financial interest.
The vote has been canceled twice over the past month.
- Chris Costigan, Gambling911.com Publisher
