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Gambling Loss

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Definition of 'Gambling Loss'

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 Says

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.

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