@ezdaz - HOWEVER, let's say you placed a 2nd bet for $120 and LOST!
then this $120 loss can be deducted on Schedule A as an itemized deduction. It can NOT be netted against the $110 win in the first bet! But the losses can't exceed the gains!
You would have two bets - winnings of $110 and losses of $110. $110 is reported as income and $110 is reported as an itemized deduction on schedule A.
