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 ?
8% of the adult Queensland population in 2006-07, for example, ATSI residents who gamble regularly accounted for 5.
On average, every child has at least one parent who gambles.
Most people are able to gamble with little or no adverse consequences; they are commonly referred to as "social gamblers.