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Gambling Loss

Source: Investopedia
This Article has been Edited for Accessibility

Gambling Loss

What is 'Gambling Loss'

A loss resulting from games of chance or wagers on events with uncertain outcomes (gambling). These losses can only be claimed against gambling income.

Explaining 'Gambling Loss'

Gambling losses include the cash lost at the slot machines or when a "sure bet" comes up lame in the race. Total gambling losses claimed cannot exceed gambling income.

Additional Resources

  1. 5: Social And Economic Effects []
  2. The Economic Winners And Losers Of Legalized Gambling []
  3. Overview Of The Economic And Social Impacts Of Gambling []
  4. The Social Costs Of Gambling []
  5. The Social And Economic Impacts Of Gambling []