Not accurate. For US federal taxes, you can deduct gambling losses against gambling winnings, but not against your income. If you earn $50,000 in income, $X in

Not accurate. For US federal taxes, you can deduct gambling losses against gambling winnings, but not against your income. If you earn $50,000 in income, $X in winnings, and $Y in losses, you pay taxes on $50,000 of income, plus taxes on $X-Y of winnings (if it's a positive number).