world-economy

UFC Leader Pushes Trump Administration to Scrap Gambling Deduction Cap

UFC President Dana White has urged President Donald Trump to reverse a 90% cap on gambling loss deductions included in the administration's tax legislation. Senate procedural requirements necessitated the provision, which limits deductible losses against gambling winnings. Under current rules, a bettor with $5,000 in winnings and $5,000 in losses can only deduct $4,500, leaving $500 subject to taxation. White contended the restriction discourages legal wagering and undermines the regulated betting ecosystem. Following reports of White's letter to Trump, prediction market odds shifted materially, with chances of reversal climbing to 37% from 20%. The American Gambling Association backed White's advocacy. Nevada politicians, where UFC maintains headquarters, also expressed support for reconsidering the deduction cap.