Taking a Gamble

Gambling losses are deductible ONLY up to Gambling winnings and ONLY as an itemized deduction.
Q: Can you carryover your gambling losses that exceed your gambling winnings?
A: The short answer is NO and there is no long answer.
Q: What happens if you have gambling losses, but you do not itemize your deductions?
A: You get to pay tax on your gambling winnings without the benefit of deducting your losses.