Gambling Loss

What Does Gambling Loss Mean?
A loss resulting from games of chance or wagers on events with uncertain outcomes (gambling). These losses can only be claimed against gambling income.

Investopedia explains Gambling Loss
Gambling losses include the cash lost at the slot machines or when a "sure bet" comes up lame in the race. Total gambling losses claimed cannot exceed gambling income.

Related Terms

Casino Finance
Gamblers Fallacy
Gambling Income
Jackpot
Lottery
Risk
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Related Links

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Gambling Income and Expenses - A short article on how the IRS addresses gambling income and losses.

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