Anonymous
Not applicable

Get your taxes done using TurboTax

i take back my original answer.   

 

actually i believe the correct way is that you have to look at each separate bet

bet 100 win 90 net loss 10 - may be used on schedule A to offset taxable winnings

bet 100 win 150 net win 50  - 50 is taxable winnings  

so if he lost money on every bet, there's nothing to report.