Gambling Loss
Categories: Accounting
For nearly every gambler, this term is redundant.
If it's ever felt to you that the casinos have a slight advantage, you may not be imagining things. Game are rigged for the house to win in the long run, so if you spend a lot of time on the felt (or at the wheel, or at the horsey track, or in underground cock fighting arenas), you'll likely experience more gambling losses than gambling wins.
The only silver-ish lining is that gambling losses can be deducted from gambling wins, so that, by year-end, you can write a smaller check to the IRS. Or, you can choose not to pay your taxes at all, you crazy risk-taker, you.