This is not true. you then have to report everything. all your Wins and losses. I was using this as an example. Its done all the time. I report if I fill out the w-2 form and always save accounts of all my losses, no matter what for the year way beyond my gains. I start at the beginning of the year. I have it well documented. I never go after all my losses.

Note: Big Gamblers you stated...I'm not one of them. I'm just stating how they approach the $600 level for the w-2 for slots and racing.