President Donald Trump's tax bill, signed into law July 4, reduces how much in losses a gambler can deduct. Here's how the changes will work.

At first blush, this might not seem terribly significant. But that $100,000 gambler will now be taxed as if they made $10,000 in profits, paying out $2,400 in federal taxes with a 24 percent federal tax rate. Volume of activity will now be taxed instead of actual income.