Congresswoman Dina Titus has taken to social media to poke fun at prediction markets in the wake of the FAIR BET Act’s momentum.
The representative from the First District of Nevada in the US House of Representatives has been seeking a “common sense fix” to the changes introduced in the current President of the United States’ (POTUS) megabill, known as the One Big Beautiful Bill Act (OBBBA).
FAIR BET Act gathers support
The changes introduced in the OBBBA would mean that gamblers would face a 90% reduction in taxation on gambling earnings, compared to the current 100%.
This would mean a gambler who wins $100,000 and then loses $100,000 would be required to pay $10,000 in taxes, despite the loss of profit, as we reported.
The Congresswoman is hoping that the act’s introduction, which she heralded earlier this week (July 21, 2025), will combat some of the wider sweeping gambling changes that were proposed in the OBBBA.
She said, “On Monday, I’m introducing the FAIR BET Act, the Fair Accounting for Income Realized from Betting Earnings Taxation Act, to permanently restore the 100% loss deduction from gambling winnings.”
Titus has many supporters in the gambling capital of the world, which is also her home turf, Las Vegas. Gambling and the taxation that states depend on as a massive source of financial support will also weigh into the argument Titus is making.
She now has ten co-sponsors to the FAIR BET Act, some of whom are republican representatives.
- Rep. Ro Khanna (D-CA)
- Rep. Steven Horsford (D-NV)
- Rep. Susie Lee (D-NV)
- Rep. Gilbert Ray Cisneros (D-CA)
- Rep. Christopher R. Deluzio (D-PA)
- Rep. Darren Soto (D-FL)
- Rep. Jefferson Van Drew (R-NJ)
- Rep. Mark E. Amodei (R-NV)
- Rep. Guy Reschenthaler (R-PA)
- Rep. Troy E. Nehls (R-TX)
Titus pokes fun at prediction markets
Titus has also been tongue-in-cheek on social media, saying, “You know the FAIR BET Act has made it when two prediction markets I am trying to shut down are offering odds on its passage.”
You know the FAIR BET Act has made it when two prediction markets I am trying to shut down are offering odds on its passage. pic.twitter.com/Z5KkkcdChY
— Dina Titus (@repdinatitus) July 21, 2025
As ReadWrite reported, there had been considerable pressure on prediction markets, including regulatory scrutiny that resulted in Polymarket and Kalshi being investigated by the US Department of Justice.
These charges were recently dropped, and in the wake of this decision by the Justice Department, Polymarket made a comeback to the United States in an official capacity by taking over QCEX.
The deal now allows Polymarket to exist as a registered U.S. company, and Shane Copland, the CEO of the predictions provider, wasted no time in announcing the decision.
He said, “Polymarket has acquired QCEX, a CFTC-regulated exchange and clearinghouse, for $112 million. This paves the way for us to welcome American traders again. I’ve waited a long time to say this: Polymarket is coming home.”
A hearing is taking place in Titus’ home state this Friday, 25 July 2025, at 10:00 AM (Pacific Daylight Time) at YESCO in Las Vegas, Nevada and the gambling world will be watching on with interest.
Featured image: Dina Titus on X / Kalshi / Polymarket
