No.
Gambling losses don't reduce your gambling winnings dollar for dollar. Gambling winnings are added to your taxable income, while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.
If the total of your itemized deductions including the gambling losses don't exceed your Standard Deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you don't have the full benefit of the losses on your tax, and your tax liability will increase.
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