The topic of gambling taxation has taken center stage due to recent legislative actions.

How the Rejection of the FAIR Bet Act Impacts Gambling Taxation and Loss Deductions

• The FAIR Bet Act won’t be included in the National Defense Authorization Act
• Rep. Dina Titus says she will continue the fight in Congress
• FAIR Bet would restore the gambling losses tax deduction to 100%

House Republicans have declined Rep. Dina Titus’ proposal to incorporate a measure to restore the gambling losses tax deduction to 100% in the National Defense Authorization Act (NDAA).

This week, the House Rules Committee expressed their discontent with Titus’ amendment to the 2026 NDAA, which aimed to fully restore the gambling losses deduction—giving the legislation the name FAIR Bet Act (Fair Accounting for Income Realized from Betting Earnings Taxation Act).

The federal statute — House Resolution 4304 — seeks to revoke a condition imposed by the One Big Beautiful Bill (OBBA), enacted by the Republican-led Congress and signed by President Donald Trump in July.

The OBBA limits the amount of gambling losses an individual can deduct from their gambling earnings, leaving it at 90%. Thus, if a gambler wins $50,000 but also loses $50,000, they would still be liable for tax on a minimum of $5,000, significantly harming many bettors.

Titus Blames Republicans

Titus argues that the GOP is preventing the gambling tax provision from being included in the necessary defense spending package.

“The GOP-controlled Rules Committee did not accept the FAIR Bet Act as an amendment to the NDAA. This was an easy fix that should have been adopted,” Titus stated.

The 100% gambling loss deduction was a provision for 70 years until the GOP-led OBBA was passed. Critics claim that such reductions will drive gamblers to unregulated offshore websites, disproportionately hurting both casual and professional gamblers.

According to Bill Miller, the president of the American Gaming Association (AGA), “The result creates an unfair precedent by taxing phantom income and uniquely penalizing a legal, heavily regulated activity.” Additionally, the Joint Committee on Taxation estimates that the proposed 90% deduction choice could yield $1.1 billion in federal tax revenue over a decade.

The Senate has passed the 2026 NDAA bill, which authorizes $924.7 billion for defense spending, with $878.7 billion allocated specifically for the Department of Defense (now called the Department of War).

Titus’ Fight Continues

Representing Las Vegas, Titus expresses determination to rally support to restore the 100% gambling loss deduction. Her efforts have gained bipartisan support with the FAIR Bet Act displaying four Republican co-sponsors and eight Democratic signers.

The FAIR Bet remains in the House Ways and Means Committee, where it was directed on July 7 after its filing by Titus. Committee Chair Jason Smith (R-MO) has committed to addressing the measure, confirming his view that the deduction should indeed revert to 100%.

SharpLink Targets Growth Through Betting Affiliate Expansion as Buyback Program Signals Undervalued Stock

The betting affiliate market is undergoing significant changes due to initiatives from firms like SharpLink. SharpLink Gaming (NASDAQ: SBET) is leveraging its position as a leading betting affiliate to navigate recent market volatility. Despite being one of the largest corporate holders of Ethereum, the company is actively implementing its share buyback program following a notable 31.52% decline in its stock price over the past month.

The Minneapolis-based firm made headlines last month with its announcement of a $1.5 billion buyback program. SharpLink noted that if market conditions see its shares trading around or below the net asset value (NAV) of its Ether assets, it would be an optimal time to execute stock repurchases rather than issuing new shares to fund new purchases of Ethereum, the second-largest cryptocurrency.

“While the Company trades below its NAV, stock repurchases are immediately accretive to stockholders,” the company stated. “To demonstrate its commitment, the Company began its share buyback program, purchasing approximately 939,000 shares at an average price of $15.98.”

This average purchase price is indicative of the company’s attempt to reclaim value through strategically timed repurchases. As of early September, SharpLink’s Ether holdings had increased to 837,230 tokens, while its staking rewards had risen significantly, accumulating 2,318 Ether since the launch of its treasury strategy.

Understanding the Value of SharpLink

Share buybacks are often a clear signal to investors that management has confidence in the company’s future and believes the stock is currently undervalued. With the sharp decline in stock prices, SharpLink aims to reassure its largely retail investor base that there is significant value to be gleaned from these strategic moves.

Notably, given that a majority of its Ether assets are staked, substantial revenue is being generated. “The Company expects to continue its buyback strategy depending on market conditions and available cash from operations or other financing means,” SharpLink added.

Concerns Surrounding Crypto Treasury Companies

The corporate cryptocurrency treasury concept, inspired largely by firms like Michael Saylor’s MicroStrategy (NASDAQ: MSTR), has raised questions about sustainability. Some analysts express apprehension regarding the rapid increases in stock valuations of crypto treasury firms, including SharpLink and others like BitMine Immersion Technologies (NASDAQ: BMNR).

In conclusion, SharpLink is positioning itself to leverage its buyback initiative at a pivotal time when the market is rife with uncertainty. This could serve as a crucial strategy to stabilize its stock price while also demonstrating to investors its long-term vision.

Investors should keep a watchful eye on how these strategies unfold in the coming months, as the tech and gaming sectors continue to evolve rapidly.

Las Vegas Casinos and Urban Legends: Busted Myths and the Truth Behind the Sahara’s History

The history of Las Vegas casinos is often clouded by myths and urban legends, making the truth essential. The history of entertainment and controversy is deeply woven into the legacy of Las Vegas casinos, often marked by sudden shifts in social norms. A prime example involves Christine Jorgensen, famously known as the first transgender celebrity in the United States, who was scheduled for a high-profile two-week engagement at the Sahara starting July 14, 1953. However, in a move that highlighted the rigid standards of the era, she received a shocking letter from the resort just two weeks before her debut, canceling her appearance. The reason provided was that she had misrepresented herself as a woman, a decision that became a significant footnote in the evolving culture of the gaming industry.

While this narrative is largely correct, the actual reasons behind her dismissal are more complex than suggested. Jorgensen transitioned and gained fame after undergoing gender reassignment surgery in Denmark in 1951, a process that was illegal in the U.S. at the time. Her remarkable story captured public attention when the New York Daily News featured her on the front page on December 1, 1952.

Job offers flooded in, but they primarily came from unscrupulous Hollywood agents intent on exploiting her newfound fame with fleeting appearances. It’s essential to note that despite her notoriety, Jorgensen faced significant challenges—she was not trained in the performing arts and could not sing, dance, or tell jokes, which her agents hoped would fill the seats.

The Sahara was a new casino, struggling to establish a reputation in the competitive Las Vegas landscape alongside the Sands. When owner Milton Prell caught wind of Jorgensen’s availability, he was eager to book her for a performance, thinking her name would attract audiences.

A Sneaky Preview

Two months prior to her opening, Jorgensen attempted a warm-up gig at the Orpheum Theatre in Los Angeles, which ended up being a disastrous affair that left the audience in disbelief. According to Jeff Burbank’s book Las Vegas Babylon, her performance was notably lackluster.

Reports returned to Prell about her performance’s poor reception. He realized he had entered into a contract without considering her talents, leading him to have the Sahara’s booker, Bill Miller, send Jorgensen an appalling letter regarding her cancellation. The letter began with the greeting “Dear Sir” and stated, “I won’t give (my customers) a man dressed in women’s clothing. I bought a ‘she.’ If the party can prove she’s a woman, I’m willing to pay her $25,000 for two weeks.”

The real reason for Jorgensen’s dismissal related more to her not being an entertainer than to any sex misrepresentation. Shockingly, Prell and Miller chose to leak their letter to the press, revealing their prejudices in preference to admitting their poor business decision.

Multiple Layers of Discrimination

While there had also been speculation about objections from her co-headliners, Marguerite Piazza and Gene Nelson, sharing the bill with her, this was not the actual reason for her cancellation. Jorgensen’s situation escalated into a discrimination lawsuit, which she ultimately won, forever making her firing a part of LGBTQ+ history. When she returned for a two-week engagement on November 17, 1953, it was interpreted as a victory.

As it turned out, Jorgensen’s act improved significantly after she hired singing and dancing coaches. By August 1953, she had garnered rave reviews for a sold-out performance in Pittsburgh, followed by a successful engagement at the Tropicana in Havana, Cuba.

“Look for Christine to be more than a once-around sensation,” Variety remarked. “This girl has an act.”

Upon her return to Las Vegas, Jorgensen was warmly welcomed, and she performed at the Silver Slipper in 1955. Her success opened doors for many other transgender entertainers, such as Jennifer Fox and Jahna Steele.

This narrative is not just about Jorgensen but reflects the wider discrimination towards the LGBTQ+ community in the 1950s. Previous discussions have debunked the myth that Las Vegas was a gay-friendly environment before the 1990s.

Join us for more insights and revelations in our ongoing series “Vegas Myths Busted” every Monday. For previous installments, check out VegasMythsBusted.com. Got a myth you think needs investigating? Reach out to us!

US Targets $10 Billion Fraud, Trafficking Rings in Southeast Asia Casino Hubs

Casino fraud trafficking is a significant issue highlighted by the US government’s recent actions against networks in Southeast Asia. The massive scale of $10B in fraud and trafficking networks highlights the urgent need for tighter financial oversight, especially as illicit funds increasingly flow through unregulated casino hubs. As global authorities move to dismantle these criminal infrastructures, the focus remains on cutting off the high-stakes laundering channels that allow these networks to thrive.

• Scam centres linked to casinos in Myanmar and Cambodia exposed.
• Victims coerced into online fraud through violence and captivity.

The US Treasury recently announced sanctions against nearly 20 individuals and companies involved in online fraud and trafficking activities connected to casino hubs in Myanmar and Cambodia. This action highlights the increasing concerns over illegal activities associated with gambling venues in these regions.

The Treasury’s accusations point to nine entities in the Shwe Kokko enclave of Myanmar and ten in Cambodia’s Sihanoukville, claiming they orchestrated online virtual currency investment scams that defrauded US citizens out of more than $10 billion in 2024, representing a staggering 66% increase from the previous year.

According to the Treasury, “Many of these centres were originally built as casinos by Chinese criminal actors, yet they transitioned to become hubs for virtual-currency investment scams once this proved to be more lucrative.”

She Stoops to Conquer

Among those penalised are individuals connected to Shwe Kokko’s Yatai New City, including its founder, She Zhijiang. His enterprise has allegedly received cover from the Karen National Army (KNA), an ethnic militia, as detailed by the Treasury.

She was apprehended in Thailand in 2022 on an Interpol arrest notice and has been contesting extradition to China ever since.

The sanctions also extend to Cambodia, where T C Capital Co. Ltd. manages the Golden Sun Sky Casino and Hotel in Sihanoukville. This casino has been implicated in money laundering and the concealment of online fraud. Its founder, Dong Lecheng, has been sanctioned along with several associates, raising concerns given his past money-laundering convictions in China which connect him to trafficking operations.

Fight Intensifies

These recent sanctions indicate a significant escalation in the US government’s attempts to combat transnational financial crime. Earlier this year, the Treasury sanctioned KNA leadership along with Cambodian businessman Ly Yong Phat for their involvement in trafficking abuses and scam operations.

Under Secretary for Terrorism and Financial Intelligence John K. Hurley condemned these scams as not only financially devastating to US citizens but also as a form of “modern slavery.”

“The Treasury will utilize its full arsenal to tackle organized financial crime and safeguard Americans from the extensive harm these scams can inflict,” Hurley stated in a recent message.

In summary, the targeted sanctions highlight a broader effort by US authorities to clamp down on the intertwining issues of online fraud and human trafficking within Southeast Asian casino hubs. With governmental measures tightening, it remains to be seen how this will affect the future landscape of both the gambling industry and victim support in the region.

Wynn Explores UAE IPO and Potential Expansion into New Casino Resorts

Wynn’s casino expansion in the UAE is under consideration as the company explores new opportunities for growth. Wynn and its UAE partners are strategically exploring the expansion of their regional footprint by contemplating the development of a second major destination within their portfolio of luxury casino resorts.

• Agreement also opens doors to possible UAE IPO.

Wynn Resorts (NASDAQ: WYNN) has exciting prospects for potentially bringing a second casino resort to the United Arab Emirates (UAE) and examining the feasibility of an initial public offering (IPO) for its holdings in the region.

According to a 2024 agreement between Wynn and its UAE partners, RAK Hospitality Holding and Al Marjan Island LLC, the potential for another integrated resort could materialise following the $5.1 billion Wynn Al Marjan Island, which is slated to open in early 2027. Should this plan come to fruition, the second venue is likely to be located near the first one on land owned by the Las Vegas-based gaming company.

The involved Parties agree that Wynn SPV (or an Affiliate) will be the casino operator for any casino established on the second integrated resort plot, securing its position as the sole casino operator for this area,” as stated in the agreement.

Wynn currently holds a 40% stake in the local joint venture through its subsidiary, while the deed to the land earmarked for a second casino hotel is owned by Al Marjan Island LLC.

Wynn’s Significant UAE Holdings

During Wynn’s earnings call for the second quarter, CEO Craig Billings highlighted the operator’s substantial property holdings in the UAE, indicating that detailed plans for the land might be unveiled in the coming year.

“Don’t forget, we have a significant land bank there, and you shouldn’t be surprised to hear us talking about using portions of that land bank throughout the next year,” Billings noted during the August call.

A spokesperson from Wynn told AGBI that formal plans for the unused land have yet to be disclosed. Under the pact with local partners, Wynn is restricted from opening another gaming venue in any Gulf Cooperation Council (GCC) country without approval from all shareholders. Moreover, it is generally acknowledged that it may take several years, or longer, before UAE regulators grant approval for another gaming venue, suggesting that Wynn’s consortium can afford to take time in deciding on the vacant land.

Possibility of a Wynn UAE IPO

The agreement also lays out potential pathways through which Wynn’s UAE assets could be transformed into a publicly traded entity, which could include the formation of a joint stock company and various other options.

“Incorporate any new Holding Company required for compliance with listing regulations on the relevant exchange; and/or merge the JV Group and the Infra Group for IPO purposes; and/or execute any combination of these actions, following an agreement by the Shareholders on this as a Shareholder Reserved Matter,” the accord specifies.

It remains uncertain whether a structural format similar to that of Wynn Resorts or Wynn Macau would be the most favourable route.

In summary, Wynn Resorts is exploring substantial opportunities in the UAE, with discussions about a second casino hotel and potential IPO on the horizon. Furthermore, the strategic use of existing land and ongoing analysis on market conditions will be pivotal for the company’s future endeavours in this rapidly evolving gaming landscape.