Professional gamblers may have cool lingo and get to wear sunglasses inside, but they’re just trying to earn a living like the rest of us. In fact, they’re taxed like any other profession.

But that’s changing, thanks to a largely unknown provision in the recently passed mega tax law.

What’s different: Bettors are currently able to deduct 100% of their gambling losses, so they only pay taxes on their winnings. But starting next year, only 90% of gambling losses will be deductible.

So, if a professional gambler wins $100,000, then loses $100,000 that same year, according to the New York Times:

• In 2025, that gambler would owe taxes on $0.
• In 2026, that gambler would owe taxes on $10,000.

Bettors could even end up paying taxes if they finished the year with a net loss.

Bettors ask for a reshuffle

Unsurprisingly, professional gamblers want to royally flush the provision, which is being described in terms usually reserved for inside straight draws. “It makes it impossible to gamble for a living,” pro poker player Phil Galfond told the NYT.

Nevada-based accountant Russell Fox told the Washington Post, “This is bad long-term for the casino industry. It’s bad for gamblers. It’s actually bad for the IRS, too. We need a less-complex tax system.”

And if casino dealers and accountants may feel the pinch, surely it will make waves in the green-visor industry.

So, how did this happen? Nobody seems to know. President Trump’s tax bill was 900 pages long, and some high-profile Republican lawmakers were surprised to learn of the gambling provision’s existence. It’s possible a congressional staffer added it—without their boss knowing—to meet a requirement that “tax legislation passed through reconciliation, as this bill was, must have an effect on revenue,” according to the Washington Post.

Up next: The House introduced bipartisan legislation last week to overturn the provision. But that’s not the only reverse card being played—household staple Uno is reportedly becoming a Las Vegas table game.—BC

Trump announced 30% tariffs for Mexico and the EU. The president posted letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum on his Truth Social account, saying the import taxes would be placed on Mexico and the European Union effective August 1. Both trading partners have been negotiating with the American coterie for weeks, but neither has been able to finalize a deal. They responded by saying they will continue to seek agreements before the deadline. US equity futures fell Sunday evening following the news.

Updates from the Texas flood tragedy. Emergency workers in Kerr County, which suffered the worst in the July 4 flooding, were instructed yesterday by local police to leave the Guadalupe River corridor due to the threat of new flooding, although some operations were allowed to proceed later in the day. Also yesterday, Homeland Security Secretary Kristi Noem defended FEMA’s response to the disaster. She said she was not sure if a report released Friday by the New York Times, which found that the agency laid off hundreds of call center workers during the crisis, was true. Per the NYT, which cited anonymous sources, FEMA answered more than 99% of calls on July 5, but just 35.8% the next day and 15.9% on July 7. Noem said, “The anonymous attacks to politicize a situation are completely wrong.”

Superman won the weekend box office, boding well for DC Universe. The reboot starring David Corenswet in the eponymous role and Rachel Brosnahan as Lois Lane took the No. 1 spot with $122 million in ticket sales domestically, good for the third largest debut of the year behind A Minecraft Movie and Lilo & Stitch. The performance bodes well for both Warner Bros. and DC Studios. It’s the first movie released since DC co-CEOs James Gunn and Peter Safran were appointed in 2022, following a raft of failed superhero flicks. “The DC vision is clear, the momentum is real, and I couldn’t be more excited for what’s ahead,” Warner Bros. Discovery CEO David Zaslav said.—HVL

J.D. Power recently asked car owners and lessees what bugged them about their new cars, and an unprecedented number of them said: cup holders.

This year’s US Initial Quality Study from the consumer intelligence company surveyed 92,694 people, 90 days after they purchased or leased new 2025 model-year autos.

Drink up

The tradition of drinking in vehicles is alive and well, but the relatively limited slate of cup-holder designs frustrates drivers who want easy access to their favorite tumbler or straight-up jug. (Reminder: It is called a cup holder.)

J.D. Power Senior Director of Benchmarking Frank Hanley told The Drive that cup-holder difficulties ranked seventh among respondents’ concerns last year; this year, they rose to third.

If this sounds wild, it’s worth remembering that 1) J.D. Power asked people to complain and 2) there are benefits to a populace obsessed with their favorite liquid receptacle. As MotorTrend pointed out, reusable containers mean less waste, potentially less exposure to microplastics, and money saved from not needing to buy drinks while out and about.

Zoom out: The auto industry considers cup holders a “touchpoint,” one of the smaller details of a car that makes an outsized impression on user experience.—HVL

Q2 earnings season has arrived: This week is chock-full of reports from financial heavyweights, starting on Tuesday with earnings from JPMorgan Chase, BlackRock, Citigroup, and Wells Fargo, then Goldman Sachs, Morgan Stanley, and Bank of America on Wednesday. PepsiCo, Netflix, and Abbott Laboratories are set to report earnings on Thursday, followed by American Express, Charles Schwab, and Truist on Friday. If that’s not enough data for you, the consumer price index comes out on Tuesday, while investors will get a glimpse into retail sales on Thursday.

It’s “Crypto Week” in the US House: Congressional Republicans are double-clicking on cryptocurrency all week, with plans to introduce three bills that could have major impacts on the US financial system. Axios reports that the Senate-passed GENIUS Act will get a straight-up vote in the House this week. The legislation would set rules for how stablecoins are issued and managed. Stablecoins are pegged to tangible assets, like the US dollar, and can help speed up payment processing. Lawmakers also aim to introduce bills that would change how digital assets are classified and prevent the Fed from ever creating a digital version of US currency.

Get your game on: The MLB All-Star festivities really get into full swing with the Home Run Derby tonight, followed by the actual game on Tuesday in Atlanta. Then, on Saturday, it’s the WNBA’s turn to show off their All-Stars in Indianapolis. Golf fans will also have the option this weekend to tune into the British Open, where they can get lost in the beauty of Northern Ireland’s countryside.

Everything else:

• President Trump teased that he will make a “major statement” on Russia today.
• Emmy nominations will be announced on Tuesday.
• NATO Secretary-General Mark Rutte will visit Washington, DC, today and tomorrow and meet with President Trump.
• G20 finance ministers meet in South Africa on Thursday and Friday. Treasury Secretary Scott Bessent won’t be there, though. He’s going to the World Expo 2025 in Japan instead.
• Eddington, a dark comedy starring Pedro Pascal, Emma Stone, and Joaquin Phoenix, comes out on Friday, along with a new Smurfs movie and the sequel to the 1997 horror flick I Know What You Did Last Summer.

This summer, the king of Latin trap music and Puerto Rico native is holding court with a residency of his own design. On Friday, he began a 30-date concert run at the Coliseo de Puerto Rico, the first time an arrangement of this scale has been done outside Las Vegas. The venue has 18,500 seats.

As Bloomberg reported, all Bad Bunny’s Puerto Rico concert tickets are sold out. The island’s tourism agency expects 600,000 visitors during Bad Bunny’s time at the Coliseo, about double the usual amount, and it anticipates $181 million being added to the local economy. Discover Puerto Rico said those numbers were unprecedented for the island.

Additionally, the tourism agency said 34 hotels have sold 35,742 room nights in connection with the concerts, and it hopes visitors will stay both before and after the dates on their ticket to discover more of the island.—HVL