You can only deduct up to the amount of winnings, and not over it.I have a question myself..
If you satellite your way into a tournament can you deduct that entry fee from your taxes?
Example you play a $110 qualifier and you win a $1,100 tournament ticket and you enter into a tournament using the $1,100 ticket and you lose can you deduct this $1,100?
Sure it isn't $1,100 out of my pocket but it is $110 out of my pocket and technically I could have sold my ticket instead of using it to enter so that $1,100 ticket actually had the cash value of $1,100...
Depends where you live. In the US your winnings are subject to tax; in Canada they are not in most instances. Suggest you Google your question - there are lots of discussions ont he subject and some good ones on Cardschat.