E.g. if I place two wagers, one $100 wager that wins $200 (net $100 won), and a second $50 wager that loses (net $50 lost). In total in this example I won $50. Is that $50 of winnings, or $100 in winnings (other income) with $50 in losses (itemized deduction)? Or for the first bet, would you break it down further into "$200 of winnings" and $100 of losses (the wager)? The instructions are not clear on the form how winnings and losses are defined and whether you treat each bet, or day, etc. separately or combine.
