Originally Posted by MisterV View Post
No.

Report all winnings as income on 1040, and all losses on schedule A.

Gambling income can indeed be the only income reported on 1040, there need be no other source, e.e. income from a job.

The difficult thing is coming up with defensible numbers that would survive an IRS audit.
Professional gamblers file a Schedule C if they are a sole proprietor or single member LLC that includes gambling wins and gambling losses.

C Corp and S Corp teams file differently and get a lot more complex.