Yes, you can net your per session gambling income per Shollenberger v. Commissioner, T.C. Memo. 2009-306 (2009) on a per session basis. A session would be when you started and when you stopped.
Your gain and loss is computed as the difference between what you started and ended with. However, you can only net down to $0. Anything beyond that would have claimed separately as a gambling loss.
If you started with $100 and left with $200 you would have a $100 gain. If you started with $100 and left with minus $100, you would have gambling income of $0 and a separate loss of -$100, i.e. you can't start the next day at -$100.
As for what a session is, in LaPlante v. Commissioner, T.C. Memo. 2009-226, the court noted, "Respondent [the IRS] nonetheless agrees with petitioner's theory of recognizing slot machine play on the basis of net wins or losses per visit to the casino."
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