As part of Donald Trump’s Big Beautiful Bill, Republicans in the U.S. Senate snuck in a change in the federal income tax laws to get a couple of billion dollars from professional and other high-stakes gamblers over the next ten years.  A billion dollars sound like a...

Professional and high-stakes poker players, sports bettors and handicappers are about to be taxed out of business.  Either that or they will move their action overseas to foreign jurisdictions that don't report gambling winnings to the IRS. As a lawyer, I must warn...

I must start by saying I like prediction markets.  Allowing people to trade event contracts, that is, make bets on future real-world events, has led to extraordinarily accurate forecasts.  Of course, it invites insider trading.  But that is not always bad. In 2003 the...