The Fair Accounting for Income Realized from Betting Earnings Taxation Act (FAIR Bet Act) would change how the federal tax code treats gambling losses. Currently, taxpayers can only deduct wagering losses up to 90 percent of their wagering income, but this bill would increase that limit to 100 percent, allowing people to fully deduct their gambling losses against their gambling winnings. The change affects anyone who gambles and reports winnings on their federal tax return, making it easier for bettors to offset losses with winnings when filing taxes. The bill was introduced in July 2025 and referred to the House Ways and Means Committee for consideration. No specific funding or implementation timeline is included in the legislation text provided.