By The Weekly Edge desk ·
PlayUSA reported that NTRA asked the US Treasury and IRS to support legislation restoring the 100% gambling loss deduction. The racing association argues that the current 90% cap can create tax liabilities even when bettors break even.
Restoring the full deduction would remove the disputed tax treatment of offsetting gambling losses.
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Polymarket’s request for help against New York and Kalshi’s potential tribal agreement concern prediction market operators.
The ruling and machine removals are followed by 81 job cuts at Republic Amusements, while legalisation legislation remains stalled.
The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.
The ruling puts businesses hosting skill-game machines at risk of losing the revenue those devices generate.