Yes the Tax Court held the taxable amount would be $1,100 @russell_gerhard1.
Other rulings have defined a "session" as in and out, so you would not be able to combine Monday and Friday. In your example, you would have a $2,500 loss and a $4,000 gain ($5,000-$1,000). You would report $4,000 in gambling winnings and $2,500 in gambling losses.
