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American pro-punters face wipe-out

Ramruma

02 Jul 25 06:01

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Date Joined: 11 Dec 02

| Topic/replies: 17,882 | Blogger: Ramruma's blog

Trump's big beautiful bill has a clause changing the way income tax is applied, and more importantly, how losses are offset. (The reason we have traditionally steered clear of income tax on betting winnings, btw.)

Here's some bloke explaining it in a TwiX video:-
https://x.com/PhilGalfond/status/1940198538493010316

Pause • Switch to Standard View American pro-punters face wipe-out

Report unitedbiscuits • July 2, 2025 10:51 AM BST

You would normally see concerns like that reflected in the share price of affected companies on the run up to the decision or, if it came out of the blue, directly afterwards.

Money talks and ..

Report swiftynifty • July 2, 2025 11:53 AM BST

Won't affect the 98% of losers, so most companies won't mind a jot.

Report second again • July 2, 2025 12:10 PM BST

The bookies will see it as good news if it stops some sharp money. Over here the big bookies did not mind a bit of off course betting tax to keep the sharp money away from their shops.

Report GLASGOWCALLING • July 2, 2025 12:24 PM BST

Sergeant Bilko in the Top 5 imo.

Report howard • July 2, 2025 1:45 PM BST

So you win 100k and lose 100k pay no tax ( past law ) Now win 100k and lose 100k you pay tax on 10k winnings ( new law ) Nobody is going to stand for that.