Tom Rooney, CEO of the National Thoroughbred Racing Association (NTRA), highlighted the organization’s lobbying efforts to reverse a recent tax change under the One Big Beautiful Bill Act (OBBBA) that reduced horse race bettors’ ability to deduct gambling losses from 100% to 90%. Rooney emphasized that this change could cost the racing industry over $1 billion in handle, negatively impacting the entire racing ecosystem, including racetrack workers and farms. He expressed cautious optimism that the WAGER Act, introduced by Representative Andy Barr to restore the full deduction, could be passed and made retroactive by early 2026.

Rooney acknowledged the challenges of navigating Congress despite bipartisan support and no formal opposition, noting that seemingly straightforward legislative fixes often face delays. The NTRA continues to actively engage with lawmakers, particularly the Ways and Means and Senate Finance Committees, to push for a legislative vehicle that would reverse the tax change and mitigate the unintended economic consequences on the horse racing industry.