This Week's Bingos & Busts Feature Dana White, Donald Trump, and a Sports Betting Anniversary

A letter to POTUS from the head of a major sports franchise that all gamblers can support, a long day for the second-largest prediction market at the moment, and a toast to legal sports betting are all included in our weekly summary of gambling sector headlines.

Bingo: Dana White Asks Trump to Reverse the Tax Deduction Cap on Gambling
Professional bettors and US Representative Dina Titus have made calls that have gone unanswered; perhaps Dana White's appeal to Donald Trump will be heard. A little-known clause that capped bettors' losses at 90% shocked the gambling sector when the One Big Beautiful Bill was passed last summer. The UFC boss informed the President that the new rule, which went into effect on January 1, affects all gamblers, not just professionals. White, a whale among whales, stated, "I think Congress should fix this issue as the policy is already creating problems." "Betting in the United States is irrational under the current law because you could end up owing taxes even if you lose or having a tax bill that exceeds your winnings for the year."

Bust: Trump's Prediction Rejects Initial Idea 
Trump Media & Technology Group's forecast market plans have been significantly scaled back, as we discussed in more detail here. Truth Predict, which was announced in October in collaboration with Crypto.com, claimed that an exchange accessible through Truth Social would include all the features that a contemporary prediction market ought to have, including markets on elections, commodities prices, economic indices, and, of course, sports. The tactic has changed to something far less seductive. Truth Predict will "primarily entail marketing and promotion collaboration" with Crypto.com's OG.com prediction market platform, according to Trump Media's quarterly SEC filing.

Bingo: The US Launches Polymarket Completely
We assume that a late bingo is preferable to none at all, and Polymarket has successfully completed its US debut. All prospective users on its waitlist have been able to access the iOS version of the prediction market, which has been in testing since October. According to InGame, the first to announce the US rollout, Polymarket has a potential to close the gap, but it still has a long way to go to match Kalshi, whose $500 million daily volume is ten times that of its primary competitor.

Bust: GDC Group's Massive Layoffs 
C-suites view these actions as necessary to correct the financial situation and satisfy shareholders, but as individuals who have experienced this too frequently, we sympathize with the roughly 150 workers at Gambling.com who were let go this week. The affiliate asserts that cutting 25% of its workers will save $13 million annually as it transforms into a "AI-first" business. However, given the stock price's ongoing decline, the market is not optimistic. 

Bust: Governor Stitt's Veto of the Sweeps Ban Overruled
Gov. Kevin Stitt vetoed SB1589 because he believed it would criminalize a recreational activity, constitute government overreach by criminalizing companies operating in good faith, and deter investment and innovation in the state. when Indiana and Maine, Oklahoma became the third state this year to outlaw dual-currency casinos when lawmakers overrode the veto. Denial of his vetoes is essentially standard procedure for Republicans, even with an overwhelming GOP majority in the statehouse. Ballotpedia reports that it occurred 47 times during the 2025 legislative session—a state record.

Bingo: Enjoy your eighth day of legal sports betting!
Let's toast to the eighth anniversary of legalization as we wrap out the week. The Supreme Court overturned PASPA on May 14, 2018, allowing states to enact sports betting legislation. Alright, there have been many hiccups, mistakes, and even injuries along the way, but overall, the US's decision to join the rest of Western civilization in permitting adults to wager has been a success, creating a new industry, producing tax revenue, and improving millions of Americans' enjoyment of sports.