Mike Majlak wants Americans to be able to write off their gambling losses. [Image: Shutterstock.com]
Popular influencer Mike Majlak has called on Donald Trump, Elon Musk, and the Department of Government Efficiency (DOGE) to allow Americans to write off their gambling losses.
as american people, we deserve the RIGHT to write our gambling losses off our taxes!!
we paid taxes when we put it in our pockets. the casino and sportsbook have to pay taxes when they get it. y’all are double dipping!!
fix this EXTREMELY important issue @DOGE @elonmusk…
— Mike Majlak (@mikemajlak) February 13, 2025 The US federal government requires people to disclose their winnings and pay taxes on them. While people can deduct gambling losses from winnings, they can’t claim a tax write-off for losses that exceed their wins.
often deduct 24% for winnings over a certain threshold to cover the estimated taxes
Casinos or sportsbooks often deduct 24% of winnings over a certain threshold to cover the estimated taxes. If a gambler has a substantial win, they will get an IRS Form W-2G. The exact sum depends on the gambling product. For example, for bingo or slot games, it is $1,200, and rises to $5,000 for a lottery win.
Casinos aren’t usually obligated to withhold money for big wins on certain types of table games like roulette, craps, and blackjack as they can’t calculate the total funds someone started with. This means gamblers need to self-declare this activity when preparing their tax returns.
Paying taxes on gambling wins is not necessary in many other countries. In the UK, Ireland, and Australia, you keep everything that you win, with no deductions.
