The National Thoroughbred Racing Association (NTRA) is standing firmly behind the  FAIR BET Act (Fair Accounting for Income Realized from Betting Earnings Taxation), a new bipartisan push in US Congress that would fully restore the tax deduction for gambling losses. For horseplayers and bettors across the country, this bill could be a game changer. Led by Rep. Dina Titus of Nevada, the FAIR BET Act is all about making sure gamblers aren’t hit with extra taxes on money they didn’t actually win.

  • The FAIR BET Act comes in response to a recent tax change that reduced the deduction for gambling losses from 100% down to 90%. While that might sound minor, it means bettors could end up paying taxes on income they never really pocketed. Supporters argue this move would encourage players to keep betting legally and avoid underground or offshore options.

  • The bill has attracted a rare mix of support from both parties, including Reps. Troy Nehls, Ro Khanna, Jeff Van Drew, Steven Horsford, and Mark Amodei. Their backing shows just how important this issue is to people on both sides of the aisle. Many lawmakers see the 90% limit as an unnecessary burden on casual and serious gamblers alike.

  • NTRA president and CEO Tom Rooney didn’t hold back in praising Rep. Titus for pushing the bill. He pointed out that horseplayers are the backbone of the racing industry and that these tax changes could scare them away. Rooney said the NTRA will keep working with Congress and the administration to get the full deduction back on the books.

  • Titus says it’s a matter of fairness. She argues that no one should have to pay tax on money they never really won in the first place. She also warned that if players feel they’re being taxed unfairly, they might stop reporting their winnings or turn to illegal betting platforms.

  • Rep. Nehls, who also supports the bill, said he didn’t agree with the Senate’s decision to lower the deduction, even though he backed the larger tax package overall. He called the move “punitive” and said it hurts regular players who are already taking enough risks when they place a bet. Nehls believes the FAIR BET Act is about giving gamblers a fair deal when it’s time to settle up with the IRS (Internal Revenue Service).

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