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In this video, I’m breaking down a game-changing new tax law under Trump’s “One Big Beautiful Bill” Act that could dramatically impact gamblers starting January 1st, 2026.
The new rule limits wagering loss deductions to 90%, even for professional gamblers with detailed records—potentially triggering phantom income taxes.
That means you could owe taxes on winnings you never actually profited from.
Whether you’re a sports bettor, poker pro, or casual gambler, this update could cost you thousands unless you plan ahead.
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Show Notes:
0:00 – Intro
1:30 – What the New Law Actually Says
3:23 – Professional Gambler with High Stakes
4:38 – Semi-Pro or Frequent Sports Bettor
5:35 – Truly Casual Gambler
7:05 – What You Should Do Before 2026
8:59 – Final Thoughts
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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