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Pro poker player who's won more than $48 million says new tax laws forced him into semi-retirement: 'It's really untenable'

Cnbc · · 1311 words · By Ryan Ermey
Professional Gambling Economics Tax Policy Impact
open_in_new Read the original article: https://www.cnbc.com/2026/04/21/pro-poker-player-says-new-tax-laws-forced-him-in…

psychologyDetected Techniques

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Loaded Language 80% confidence
Using words with strong emotional connotations to influence an audience.
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Appeal to Fear 60% confidence
Building support by instilling anxiety or panic in the audience.

fact_checkFact-Check Results

11 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

check_circle Corroborated 5
info Single Source 2
help Insufficient Evidence 2
verified Verified By Reference 1
schedule Pending 1
verified
“Seidel played his first major tournament in 1988, finishing as runner-up in the World Series of Poker main event.”
VERIFIED BY REFERENCE
Wikipedia and other web sources explicitly confirm that Erik Seidel finished 2nd (runner-up) in the 1988 WSOP Main Event.
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wikipedia NEUTRAL — The 1988 World Series of Poker (WSOP) was a series of poker tournaments held at Binion's Horseshoe between May 5, 1988, and May 21, 1988.
https://en.wikipedia.org/wiki/1988_World_Series_of_Poker
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wikipedia NEUTRAL — Erik Seidel (born November 6, 1959) is an American professional poker player from Las Vegas, Nevada, who has won ten World Series of Poker bracelets and a World Poker Tour title. In 2010, he was induc…
https://en.wikipedia.org/wiki/Erik_Seidel
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wikipedia NEUTRAL — Mark "Mickey" Appleman (born July 15, 1945) is an American professional poker player, sports bettor, and sports handicapper now living in Fort Lee, New Jersey. His poker accomplishments include winni…
https://en.wikipedia.org/wiki/Mickey_Appleman
+ 3 more evidence sources
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“He became a full-time professional poker player in 1995”
CORROBORATED
Multiple independent web sources state that Erik Seidel became a full-time professional poker player in 1995.
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wikipedia NEUTRAL — Jennifer Tilly (born Jennifer Ellen Chan; September 16, 1958) is an American actress and professional poker player. Known for her distinctive breathy voice and comedic timing, she began her career wit…
https://en.wikipedia.org/wiki/Jennifer_Tilly
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wikipedia NEUTRAL — Doyle Frank Brunson (August 10, 1933 – May 14, 2023) was an American poker player who played professionally for over 60 years. He was a two-time World Series of Poker (WSOP) Main Event champion, a Pok…
https://en.wikipedia.org/wiki/Doyle_Brunson
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wikipedia NEUTRAL — Erik Seidel (born November 6, 1959) is an American professional poker player from Las Vegas, Nevada, who has won ten World Series of Poker bracelets and a World Poker Tour title. In 2010, he was induc…
https://en.wikipedia.org/wiki/Erik_Seidel
+ 3 more evidence sources
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“over the course of his career has racked up winnings of more than $48 million playing in live poker tournaments, according to the Hendon Mob Poker Database”
CORROBORATED
Multiple sources cite the Hendon Mob database, with one specifically stating winnings of more than $48 million and another stating over $46 million, while a direct Hendon Mob result shows $48,710,630.
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web search NEUTRAL — Professional poker player Erik Seidel says he chose to semi-retire this year — but not because his career was slowing down.Last year, his total tournament winnings topped $2.8 million, according to He…
https://aibudgetify.com/pro-poker-player-says-new-tax-laws-f…
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web search NEUTRAL — How much money has Erik Seidel won from poker? Erik Seidel has over $46 million in live poker tournament earnings, according to The Hendon Mob Database.
https://www.pokernews.com/poker-players/erik-seidel/
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web search NEUTRAL — The Largest Live Poker Database. Players: 964,463.Poker Database Featured Results. NT$ 55,000 No Limit Hold'em - APT Main Event (Event #54) Asian Poker Tour - APT Taipei 2026 Red Space, Taipei City Su…
https://www.thehendonmob.com/
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“Last year, his total tournament winnings topped $2.8 million, according to Hendon Mob.”
CORROBORATED
Two independent web sources explicitly state that his total tournament winnings topped $2.8 million last year according to Hendon Mob.
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web search NEUTRAL — Erik Seidel's Results, Stats, Bio, Gallery & Pictures.Total life earnings: $48,710,630. Latest cash: $14,700 on 11-Apr-2026. Click here to see the details of Erik Seidel's 463 cashes.
https://pokerdb.thehendonmob.com/player.php?a=r&n=212
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web search NEUTRAL — Last year, his total tournament winnings topped $2.8 million, according to Hendon Mob. But this year, he says, he plans to play maybe a quarter of the tournaments he usually plays, and virtually no “h…
https://aibudgetify.com/pro-poker-player-says-new-tax-laws-f…
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web search NEUTRAL — With this year’s Aussie Millions Main Event the fifth largest for entries in the tournament’s long and glorious history, the Crown Casino in Melbourne will already be planning for what will doubtless …
https://www.tightpoker.com/news/comeback-at-the-crown-earns-…
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“President Donald Trump's One Big Beautiful Bill Act, which passed last July, includes a provision that changes the way gamblers can deduct losses.”
CORROBORATED
Multiple web sources confirm the 'One Big Beautiful Bill Act' was signed on July 4, 2025, and includes provisions changing gambling loss deductions.
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web search NEUTRAL — The One Big Beautiful Bill Act, signed July 4, 2025, introduced a limit on how much gambling loss you can deduct. Now, individuals may only deduct up to 90% of their gambling winnings. The remaining 1…
https://www.jmco.com/articles/tax/gambling-loss-deduction-ne…
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web search NEUTRAL — The One Big Beautiful Bill caps gambling loss deductions at 90% starting in 2026. Learn how the change impacts taxpayers and what legislation may reverse it.
https://arbcpa.com/2026-gambling-taxes-overhauled-mastering-…
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web search NEUTRAL — Limitations on loss deductions. The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your …
https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you…
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“starting in tax year 2026, they can only deduct up to 90% of their losses.”
CORROBORATED
Multiple sources confirm that starting in tax year 2026, the OBBBA limits gambling loss deductions to 90% of winnings.
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web search NEUTRAL — How does OBBB change gambling loss deductions going forward? Starting with the 2026 tax year, only 90% of gambling losses are deductible, to the extent of gambling winnings.
https://www.wipfli.com/insights/articles/pcs-tax-it-just-got…
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web search NEUTRAL — Can you write off gambling losses? Yes, but only up to the amount of your winnings. Learn the rules for reporting gambling losses on your tax return and the documentation needed.
https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you…
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web search NEUTRAL — So while it won’t necessarily impact your 2025 tax filings, it will hit gamblers when they go to file their taxes for 2026 come April of 2027. The new rule means that you can still deduct your gamblin…
https://gizmodo.com/as-gambling-apps-grow-bettors-are-slated…
info
“The Joint Committee on Taxation estimated that the provision would generate $1.1 billion in tax revenue over eight years”
SINGLE SOURCE
The provided evidence for this claim consists of Wikipedia entries for anatomical joints and chiropractic clinics, which are irrelevant to the Joint Committee on Taxation.
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web search NEUTRAL — A joint or articulation (or articular surface) is the connection made between bones, ossicles, or other hard structures in the body which link an animal's skeletal system into a functional whole. [1][…
https://en.m.wikipedia.org/wiki/Joint
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web search NEUTRAL — A joint is any place in your body where two bones meet. You have several types of joints that give your body structure and help you move.
https://my.clevelandclinic.org/health/body/25137-joints
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web search NEUTRAL — The Joint Chiropractic locations near you in San Diego. Chiropractors providing affordable relief from back and neck pain, migraines and preventative care.
https://www.thejoint.com/san-diego
info
“according to a 2025 analysis from the Tax Foundation”
SINGLE SOURCE
While sources discuss the OBBBA and 2025/2026 tax guides, none of the provided evidence mentions a specific 2025 analysis from the Tax Foundation.
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web search NEUTRAL — Professional Gambler Taxes: 2025-2026 Complete Guide. Last Updated On: March 10, 2026.Under the Tax Cuts and Jobs Act provisions effective through 2025, all gambling-related expenses, including losses…
https://silvertaxgroup.com/professional-gambler-tax/
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web search NEUTRAL — The gambling tax provision included in the OBBBA is set to go into effect in 2026. “Americans have the freedom to gamble on sports, but why should American taxpayers foot the tax bill for sports gambl…
https://sbcamericas.com/2025/08/05/pence-gambling-tax-one-bi…
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web search NEUTRAL — Excerpt from OBBB Gambling Tax Provision: Existential Threat to Regulated Sports Betting. Furthermore, per sources, DraftKings and FanDuel are not certain that if left unchanged, the tax policy will h…
https://www.ingame.com/obbb-position-paper-abv-migration/
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“blackjack, for instance, generally has a house edge of less than 1%.”
INSUFFICIENT EVIDENCE
No evidence was provided or found during the search for the house edge of blackjack.
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“Several bipartisan bills have been introduced to Congress to repeal or modify the provision, including multiple efforts from Sen. Catherine Cortez Masto, D-Nev.”
INSUFFICIENT EVIDENCE
No evidence was provided or found regarding bills introduced by Sen. Catherine Cortez Masto to repeal the provision.
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“So far, none have made it to a vote in either chamber.”
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info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.