Rep. Dina Titus asks Committee Chair for expedited hearing on FAIR BET Act

Summary

Congresswoman Dina Titus has written to the Chair of the House Ways and Means Committee asking for an expedited hearing on the Fair Accounting for Income from Betting Earnings and Taxation (FAIR BET) Act. The bill seeks to reverse a Senate change in the One Big Beautiful Bill Act that reduces the deductibility of gambling losses from 100% to 90% — a change that will take effect on 1 January 2026 and create so-called “phantom” taxable income for gamblers who break even on a cash basis.

Key Points

The FAIR BET Act would restore a full 100% federal income tax deduction for gambling losses, reversing the Senate-imposed 90% cap.
The 90% limit starts on 1 January 2026 and could force gamblers who break even to pay tax on phantom winnings (eg, winning $100,000 and losing $100,000 but still taxed on $10,000).
Rep. Dina Titus has asked the Ways and Means Committee to consider the bill at its next meeting and to move it expeditiously during the 119th Congress.
The bill has attracted bipartisan support with 21 co-sponsors and backing from major industry players including the American Gaming Association, MGM, DraftKings, FanDuel, Caesars and Wynn.
Supporters warn the change could drive players to offshore or unregulated markets — undermining consumer protections and responsible-gaming efforts.
Rep. Ro Khanna joined Titus as a co-sponsor; industry commentary highlights potential tax liabilities for high-volume and recreational gamblers that could reduce betting volumes.

Content summary

The article reports that Rep. Titus introduced the FAIR BET Act in July and has now formally requested an expedited committee hearing to reverse a Senate amendment that limits the deductibility of gambling losses to 90%. Titus argues the change unfairly burdens both professional and casual gamblers and could push activity offshore, increasing unregulated play and reducing reporting to legal operators. The piece notes strong industry support and political co-sponsorship, and quotes analysts who warn of phantom income consequences for certain gambler cohorts.

Context and relevance

This is a timely development for the gaming and sports-betting sectors: the tax change takes effect from the start of 2026, so any legislative fix must move quickly. Restoring the 100% deduction is framed as protecting players, supporting regulated operators and preventing a shift to the black market — issues central to industry stability and regulatory compliance.

Why should I read this?

Quick and blunt: if you work in gaming, tax, compliance or run a sportsbook, this affects your customers and revenue streams come January. It could change reporting behaviours, player volumes and where bets happen — so it’s worth knowing who’s pushing for a fix and how fast they want it done.

Source

Source: https://g3newswire.com/rep-dina-titus-requests-expedited-hearing-on-fair-bet-act/