Gambling

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Gambling

The act of wagering on an event or a game of chance in which the outcome is uncertain. This includes card games such as poker or bets on sporting events. In U.S. tax, all gambling income, regardless of where or how it was obtained, is taxable income and must be reported to the IRS. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of their gambling income.
References in periodicals archive ?
Mr Mooney made more fencing errors than a blind musketeer on Balapour - a horse I had backed at 50-1 to win three grand following a nudge and a wink from a professional gambling associate.
The commission, with three members from the professional gambling industry, also had James C.
But when his scuzzy best buddy (Edward Norton doing an excellent Ratso) gets out of prison, our hero is inexorably drawn back into New York's shadowy professional gambling scene.

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