US Gambling Tax Change Leads Erik Seidel to Consider Cutting Back on Poker
A new US gambling tax law may force poker legend Erik Seidel to reduce his tournament play due to increased tax burdens.Summary
A recent change in US gambling tax laws is prompting poker Hall of Famer Erik Seidel to consider significantly scaling back his tournament schedule. The new rule, set to take effect in 2026, will limit gamblers' ability to deduct losses, allowing only 90% of yearly losses to be written off instead of the previous 100%. Seidel, with over $48 million in live tournament winnings, explains this change could result in paying taxes even on break-even or losing years, making full-time tournament play financially unsustainable. He plans to reduce his buy-in exposure, focusing on smaller tournaments while still occasionally participating in major events like the WSOP Main Event. Concerns extend beyond Seidel, with other poker professionals like Phil Hellmuth and Nevada politicians warning the law could drive players out of the game, impact the industry's ecosystem, and potentially lead to unethical tax practices. Despite bipartisan support for a fix, legislative efforts have so far been unsuccessful, raising fears of substantial changes to the US poker landscape.
(Source：Gamblingnews)