Under current United States Internal Revenue Service (IRS) regulations, taxpayers can deduct gambling losses sustained on platforms like DraftKings, but strictly up to the total amount of their reported gambling winnings. To claim these deductions, taxpayers must itemize their deductions on Schedule A (Form 1040) rather than taking the standard deduction. Crucially, gambling losses cannot be used to offset regular earned income or capital gains outside of total gambling winnings, meaning net gambling losses cannot lower your total tax liability below zero.