Gambling tax expert thinks Trump's tax law will be repealed

It probably won't be this year, but Russell Fox says that gamblers in America won't be taxed on money they did not win for too long.

Gamblers and poker players consider him the expert on tax matters relating to their games, and he has some positive news for them.

Russell Fox of Taxable Talk believes that Donald Trump's new gambling tax law will be repealed. In an interview with PokerScout, he said the timeline was not clear, but it will be eliminated:

“Long term, I’m very optimistic, but there’s a chance people have to plan for 2026 without knowing what the tax plan will be. Will it be eliminated eventually? Yes. This year? Probably not.”

The law, which would see gambling losses as only 90% deductible on tax returns, is one of the rare laws that has enraged both sides of the political aisle. There has been cross-party support to repeal it, with lawmakers and industry experts fighting to do just that.

The law will be enacted in 2026, and Fox believes that there is a 25% chance that a repeal will happen before then. In the meantime, he said that this law will seriously hurt the gaming sector. Prediction market Kalshi agrees with him, with the current odds of a 2025 repeal at 36%.

If the name Russell Fox is familiar, he is best known with poker players for his infamous reports on how much the Main Event final table might pay in tax. This year's final table revealed that Michael Mizrachi will likely pay almost $4 million, Daehyung Lee will probably pay more than half his winnings, while Kenny Hallaert and Luka Bojovic won't be taxed a penny on their seven-figure scores.