Dana White, Donald Trump and a Sports Betting Anniversary Highlight This Week’s Bingos & Busts
Here's our Friday rundown of happenings, good and bad, in the gambling business this week.
Our weekly recap of gambling industry headlines includes a letter from the head of a major sports property to POTUS that all gamblers can get behind, a day long coming for what is currently the second biggest prediction market, and a toast to legal sports betting.
Bingo: Dana White Implores Trump To Reverse Gambling Tax Deduction Cap
Calls from US Rep. Dina Titus and professional bettors have fallen on deaf ears; maybe a plea from Dana White to Donald Trump will be heard. When the One Big Beautiful Bill was passed last summer, the gambling community was shaken by an at-the-time little known provision that caps the losses bettors can claim at 90%. The new rule, which took effect Jan. 1, impacts all gamblers, not just pros, a reality the UFC boss imparted on the President. “I believe Congress should fix this issue as the policy is already creating problems,” wrote White, a whale among whales. “The current law makes it irrational to bet in the United States because you could end up owing taxes even when you lose or having a tax bill that exceeds your winnings for the year.”
Bust: Trump Predict Scraps Original Vision
We wrote more about this here, but Trump Media & Technology Group’s prediction market plans have been dialed back considerably. Announced in October in partnership with Crypto.com, Truth Predict promised an exchange available through Truth Social would offer everything a modern day prediction market should: markets on elections, commodity prices, economic indices, and, of course, sports. The strategy has shifted to something not nearly as sexy. Truth Predict, per Trump Media’s quarterly SEC filing, will “primarily entail marketing and promotion collaboration” with Crypto.com’s OG.com prediction market platform.
Bingo: Polymarket Fully Launches in US
A late bingo is better than no bingo, we suppose, and Polymarket has finally reached the finish line of its US launch. In beta since October, the iOS version of the prediction market has been deployed to all potential users on its waitlist. Polymarket has a long way to go to catch Kalshi, whose $500 million daily volume is 10x its main rival, according to InGame, the first to report the US rollout, but at least it now has a chance to narrow the gap.
Bust: Massive Layoffs at GDC Group
C-suites see such moves as necessary steps to right the financial ship and appease shareholders, but as people who have been through this too many times, we feel for the 150 or so employees who were laid off at Gambling.com this week. As it pivots to an “AI-first” company, the affiliate claims that slashing 25% of its workforce will result in $13 million in annual savings. The market, though, isn’t bullish, as the stock price continues to plummet.
Bust: Gov. Stitt’s Sweeps Ban Veto Overridden
Vetoing SB1589, Gov. Kevin Stitt wrote the law would criminalize a recreational activity, represent government overreach by felonizing businesses acting in good faith, and discourage innovation and investment in the state. Lawmakers didn’t buy it, overriding the veto and making Oklahoma the third state this year to ban dual-currency casinos, after Indiana and Maine. Despite an overwhelming GOP majority in the statehouse, denial of his vetoes is pretty much par for the course for the Republican. According to Ballotpedia, it happened 47 times during the 2025 legislative session, a state record.
Bingo: Happy Eighth, Legal Sports Betting!
Let’s close out the week by raising a glass to the eighth anniversary of legalization. On May 14, 2018, the Supreme Court struck down PASPA, opening the floodgates for states to pass sports betting laws. Okay, there have been plenty of bumps, missteps and even harm done along the way, but the US joining the rest of Western civilization in allowing adults to place wagers has been an overall win, cultivating a new industry, generating tax dollars, and enhancing the enjoyment of sports for millions of Americans.
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