- Federal tax provision limiting gambling loss deductions faces industry opposition and bipartisan pushback over projected $18 billion in handle losses.
- Hard Rock Bet expands Florida presence with Orlando Magic partnership, its second NBA deal in the state.
- Former Kentucky Senator advocates for Georgia horse racing legalization citing economic benefits amid anti-gambling opposition.
ORLANDO – The sports betting landscape is navigating federal tax challenges, strategic partnership expansions, and state-level legalization debates.
While proposed changes to gambling loss deductions threaten industry revenue and could drive bettors to alternative platforms, operators like Hard Rock Bet continue to solidify their regional presence through professional sports partnerships. Meanwhile, Georgia lawmakers are exploring horse racing legalization as a potential economic opportunity.
Industry Opposes Federal Gambling Tax Deduction Cut
Gaming industry leaders are opposing a federal tax provision in the One Big Beautiful Bill Act (OBBBA) that limits gambling loss deductions to 90% of documented losses. This change could create phantom income situations where bettors owe taxes on money they never actually won.
The American Bettor’s Voice warns that the provision could cost the industry $18 billion in annual betting handle and $1.5 billion in gross gaming revenue, with major operators like FanDuel and DraftKings facing significant losses. High-volume bettors—who generate 80% of the industry’s betting handle—may migrate to prediction markets or legal offshore sportsbooks that maintain full loss deductibility.
Casino CEOs from MGM, Caesars, and Wynn met with Congress to address the issue, arguing that the change is unfair.
Hard Rock Bet Expands Florida Presence with Orlando Magic Partnership
Hard Rock Bet has signed a multi-year contract with the Orlando Magic, starting with the 2025–2026 season, as the team’s first official sportsbook partner. With digital displays, permanent basket logos during home games, and a special sportsbook lounge on the Terrace Level, the partnership will provide extensive visibility throughout the Kia Center.
Magic fans across Florida can join the complimentary Hard Rock Bet Magic Club for special offers and rewards. This legal Florida sports betting represents the second Hard Rock Bet partnership in Florida, adding to its existing agreement with the Miami Heat.
Former Kentucky Senator Advocates for Georgia Horse Racing
Speaking at the Georgia House Study Committee on Gaming, former Kentucky Senator Damon Thayer argued in favor of legalized horse racing in Georgia on behalf of Georgia Racing and Entertainment. According to Thayer, who assisted in making Kentucky sports betting legal in 2023, Georgia is one of the final major frontiers for horse racing in North America.
In Kentucky, horse racing supports 16,500 jobs and contributes $6.5 billion to the state’s economy annually. Further, the industry contributed more than $76 million to Kentucky’s general fund in 2025 through off-track betting outlets and historical horse racing machines.
Georgia could similarly benefit from establishing horse betting sites alongside traditional racing venues. However, opposition emerged from groups like Moms Against Gambling, which raised concerns about addiction risks, particularly among children.
