**The 90% cap on wagering loss deductions under IRC Section 165(d), enacted in the 2025 One Big Beautiful Bill Act and effective for tax years beginning after December 31, 2025, remains in place as of mid-October 2026.** Bipartisan legislation such as the FULL HOUSE Act advanced through the House Ways and Means Committee on September 16 as part of a larger tax package, clearing that panel 38-5, yet it has not received a full House floor vote, Senate consideration, or presidential action. With Congress facing a compressed calendar, competing priorities, and no scheduled timeline for final passage before December 31, 2026, traders assign only about 23.5% probability to repeal occurring in time. Nevada lawmakers continue public advocacy, but procedural hurdles and limited remaining session days sustain the strong “No” consensus reflected in current pricing.