That is correct. The winnings must be reported as income and the losses up to the same amount as your winning may be deducted as part of Schedule A itemized deductions.
Entering your gambling losses is a part of the same input section where you enter your gambling winnings. After you have entered the details from your W2-G, there will be a follow-up screen that recaps your total winnings and allows you to enter your losses.
To learn more, take a look at the following TurboTax article:
Can You Claim Gambling Losses on Your Taxes?
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