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That being the case, whether it is worthwhile to try to itemize and deduct your gambling losses is unclear--but it is clear is that you must report (and pay taxes on. If you are a full-fledged, professional gambler who depends on gambling winnings as a livelihood to pay bills and put bread on the table, you report winnings (and expenses, such as meals, lodging, transportation, food) on Schedule C, Form 1040. The IRS more than likely will ask you to prove that gambling is your full-time, actual occupation, under a 1987 US Supreme Court decision establishing the professional gambler standard. Yes, but not under the gambling taxation rules discussed above. Instead, trading in cryptocurrency, where you make money (hopefully, http://www.myfitnesswaterloo.ca/community/profile/btccasino42227144/. It is an open question: will Sportsbet. Lastly, even if Sportsbet. However, there is no regulatory framework that allows for this option. 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