How to file sport betting tax across multiple sportbooks?

[anbuitachi]

I deposited 2000$ in Draftkings and bet it all and lost it all. For a loss of -2000$

I deposited 5000$ in Caesar and won 5000$. I then withdraw all 10000$ (deposit + winning).

I read if winnings over 600$, betting sportsbook has to send IRS a W2G. 

By my understanding, that means Draftkings will NOT send a W2G, while Caesar will send a W2G of 5000$ winning.

By that logic, I am on the hook for tax on 5000$ earnings, even though i placed 7000$ total (Draftking + Caesar combined), and my net win is only 3000... but I have to pay tax on 5000$? Assuming a 50% tax rate, of 2500$ my net profit after taxes will be 500$?

Is this correct?? Or is there a place on IRS form to enter deposits across all sportbooks?

How does this work? 

[Mike9241]

all winnings are reported as income all losses are an itemized deduction. with sportsbooks (or even with a bookmaker)  if you placed 10 bets winning 4 the 4 are reported as income while the other 6 are reported as losses.

[anbuitachi]

So to count my deposits I have to forgo standard deduction? As a joint filer that is a huge loss (as a W2 worker who sport bet here and there)

[ZoltanB45]

Yes, you will have to itemize deductions if you wish to deduct your deposits in the sport book you lost in. However, the $5,000 you deposited into Caesars, has already been deducted, because the W-2g will be for the $5,000 you won and not the $10,000 you withdrew.  If you are taking the standard deduction, you will be taxed on $5,000 as opposed to $3,000.