Poker Pro Seidel Semi-Retires Due to Tax Law Changes

Professional poker player Erik Seidel, aged 66, has announced his semi-retirement this year. Seidel has accumulated over $48 million in live tournament earnings since his career began in 1988. His decision to cut back on playing is not due to a decline in his performance, as he was estimated to have played 130-150 events annually in recent years, earning over $2.8 million last year alone.

The primary catalyst for Seidel's semi-retirement is a new tax provision set to take effect in tax year 2026. This change, part of the One Big Beautiful Bill Act, alters how gamblers can deduct losses. While winnings remain taxable income, losses can now only offset 90% of those winnings, creating a 10% disparity.

According to tax experts, this alteration significantly impacts the financial viability of professional poker. Russ Fox, an enrolled agent, notes that for many professionals, the margins are too thin to absorb this limitation, forcing some to cease playing altogether. Seidel echoed these concerns, stating the new tax landscape makes professional play "untenable" and that even top players cannot overcome the reduced profitability.