Rep. Tom Cole of Oklahoma has joined the bill as a co-sponsor
The FAIR BET Act received a major boost this week that could help protect poker players and other gamblers from an upcoming tax change. Rep. Dina Titus of Nevada announced that Rep. Tom Cole of Oklahoma has joined the bill as a co-sponsor, adding significant bipartisan weight to the proposal.
I spoke with poker legend @Erik_Seidel about the negative impact of leaving the tax deduction for gambling losses at 90%.
Despite what some of my colleagues like @SenatorLankford believe, inaction will have serious, concrete consequences on the gaming industry and economy across… pic.twitter.com/GFnDBsXqvY
— Dina Titus (@repdinatitus) January 6, 2026
The FAIR BET Act aims to reverse a provision passed as part of the One Big Beautiful Bill Act. That change limits gamblers to deducting only 90% of their losses starting in 2026, even if their total losses exceed their winnings for the year. Critics say this creates “phantom income” that does not reflect real profits.
Cole’s involvement is especially important because he chairs the House Ways and Means Committee, the body responsible for writing federal tax law. His support increases the bill’s chances of moving forward in Congress, where tax-related legislation often faces steep hurdles.
Titus welcomed the news publicly, saying the bill would restore fairness to the tax code for gamblers. She argued that no one should owe taxes on money they never actually earned, a concern echoed by many in the poker and casino communities.
The tax change has drawn sharp criticism from professional players. Poker legend Erik Seidel has warned that the rule could force some players to reduce their schedules or leave the game entirely. He has said the policy could affect gamblers in every state, not just those with major casino hubs.
Industry leaders have also raised concerns. Some estimates suggest the rule could reduce sports betting activity by billions of dollars, as higher tax exposure discourages participation. Casino executives have already met with lawmakers to push for changes, though early efforts fell short.
With new bipartisan backing, supporters of the FAIR BET Act believe momentum may finally be shifting. If passed, the bill would restore the long-standing rule allowing gamblers to fully deduct losses, offering relief to poker players before the new tax standard takes hold.
