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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Although retired from the world of professional gambling, 32-year-old Briton Ashley Revell recently pulled a stunt that would have made even his former colleagues blush.
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.
Unfortunately, they didn't have the assets and abilities to understand the business and the realities of professional gambling!

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