The landscape for the professional poker player is shifting rapidly in 2026. From sweeping legislative changes that threaten the livelihood of high-stakes competitors to emerging talents making their mark on the felt, the ecosystem of live tournaments and online casino platforms remains as dynamic as ever. This week, the industry faces a sobering reality check from a Hall of Famer, celebrates a breakout victory in Minnesota, and reflects on the enduring resilience of one of the game’s most passionate grinders.
Tax Law Changes Threaten the High-Stakes Poker Player
The financial reality of being a high-stakes poker player in the United States is facing an unprecedented hurdle. The implementation of the One Big Beautiful Bill Act (OBBBA), which goes into effect this year, has radically altered how professional gamblers file their taxes. Under the new policy, players can no longer deduct 100% of their tournament and cash game losses; the deduction cap is now strictly set at 90%.
For a professional poker player, this change can be mathematically devastating. A competitor who cashes for $100,000 but finishes the year with $100,000 in buy-ins (breaking even) can now only deduct $90,000. This leaves them owing taxes on $10,000 of “profit” that doesn’t actually exist.
Poker Hall of Famer and ten-time World Series of Poker (WSOP) bracelet winner Erik Seidel recently announced that these changes might force him into semi-retirement. Seidel, who boasts over $48 million in live tournament earnings, stated he expects to cut his buy-ins down to 10% or 15% of his normal volume, avoiding $10K and High Roller events entirely. Voicing concern for the next generation, Seidel noted that the lack of loss carryover and the new 90% cap make it incredibly difficult for an aspiring poker player to survive the natural variance of the game without going bankrupt come tax season.
Carson Chen Captures MSPT Glory in Minnesota
Despite the looming tax concerns, the regional tournament scene remains robust and continues to mint new champions. Over the weekend, the Major Series of Poker: The Tour (MSPT) concluded its $1,110 Main Event at Minnesota’s Running Aces Casino. The tournament shattered its $500,000 guarantee, drawing 882 entrants to generate a massive $854,040 prize pool.
In the end, it was an MSPT newcomer, Carson Chen, who took home the title, the trophy, and the $132,141 first-place prize. Chen’s victory came after a grueling three-handed deal with Gene Boyer and Chris Jones.
Interestingly, Chen admitted to feeling a bit of guilt over the victory. A poker player traveling from out of state alongside his friend Jonathan—a Minnesota local whom he met at the WSOP last year—Chen ended up taking the trophy on his friend’s home turf. Armed with his new bankroll and an included seat to the $3,500 MSPT Championship Rock ‘N’ Roll Poker Open in Florida, Chen plans to become a regular on the tour as he hunts for his second Gold Card.
Nicky Palma: The Making of a Poker Player’s Legacy
While some hit the felt strictly for the money, others play to cement their name in history. Nick “Nicky P” Palma is the embodiment of the latter. Recently grinding in Prague in pursuit of his first live WSOP bracelet—having already secured one online—Palma’s motivation runs deeper than most.
Palma’s childhood in the Bronx was marred by unimaginable tragedy. By the time he was a teenager, he had lost nearly his entire biological family, including his godmother, his mother, and eventually the uncle who raised him and shared his name. Taken in by his friend’s family, Palma found a foundation of stability and love, though he would later face the tragic loss of his surrogate father, Jeff, in 2018.
Following the tragic suicide of his uncle in 2020 during the peak of an online casino and poker heater, Palma realized he was the last living connection to his family’s name. This realization ignited a fierce drive to ensure the “Palma” legacy stands the test of time.
Today, Nicky P is a polarizing but undeniable force at the tables. Known for his heart, honesty, and relentless volume, he continues to chase high-stakes titles worldwide. For Palma, every hand played is a step toward building a permanent legacy and reaching the Hall of Fame—proving that for a true poker player, the game is ultimately about resilience, survival, and etching your name into eternity.
Leo Falsafi is a digital marketing veteran and senior journalist at Virlan.co, where he covers the intersection of digital marketing, gaming, and breaking US trending news. With nearly two decades of hands-on experience in SEO and digital strategy, Leo has consulted for and scaled hundreds of companies. His deep industry roots allow him to deliver sharp, fact-checked insights and analysis on the trends shaping today's digital landscape.