On July 4, 2025, legislation known as the "One Big Beautiful Bill" was signed into law. Learn about the 2025 tax changes here.

The provision tucked into the “Big Beautiful Bill” limits tax deductions for gambling losses, while still requiring professional bettors to pay income tax on all their winnings, according to published reports. Professional gamblers, like the poker players you see on TV, had been allowed to deduct all of their losses from their declared income.

Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)