For any USA residents/citizens: The about to pass tax bill will effectively end your ability to make money sports betting. You can read more here: Trump's ‘Big Beautiful Bill’ Includes Huge Tax Hike for Gamblers
But basically if you bet a million and make $1.05 million – 5% ROI – you would now owe taxes on $150k, not just the 50k you actually took home. Depending on your tax bracket, that is right around 50k. Even more infuriating you can actually owe taxes and make no money. If you break even for the year with $1 million bet, you owe taxes on $100k of income.
This impacts everyone, even folks who don’t itemize or consider gambling to be a job. Please call your elected representative and complain, especially if you are represented by Republicans. This doesn’t go into effect until 2026 and could pretty easily be fixed. The tax money it raises is minimal.