UFC’s Dana White urges Trump to reverse gambling tax law. His letter moved the prediction market
UFC President Dana White wrote to President Donald Trump asking him to repeal a 90% cap on gambling loss deductions included in the 'big beautiful bill.'Summary
UFC President Dana White has written to President Donald Trump urging him to reverse a specific provision within his signature tax law. The provision, which imposes a 90% cap on gambling loss deductions, was included in the "big beautiful bill" to satisfy procedural rules in the U.S. Senate. White argues that the current law makes it irrational to bet in the United States because taxpayers could end up owing taxes even when they lose or facing a tax bill that exceeds their winnings. He stated, "When legal betting is discouraged, it hurts the ecosystem we've spent years building in partnership with state regulators and licensed operators." The letter has drawn support from the American Gambling Association and Nevada politicians, including Senator Catherine Cortez Masto, who has introduced a bill to reverse the provision. While prediction market traders initially viewed the repeal as unlikely, White's letter temporarily moved the odds, though they have since stabilized at 29%.
(Source：Nyt News Today)