Is a full-time gambler engaged in a “trade or business”?
1.    Test of whether or not someone is in a trade or business: is the activity pursued
a.    full time?
b.    in good faith?
c.    w/ regularity?
d.    for a livelihood?
e.    and not as a mere hobby?
2.    in this case, 165 allows for a deduction for “wagering losses” which are limited to the amount of “wagering gains,” however, 62 says that these are below the line and, t/f subject to be cut, whereas if they are adjudicated to be expenses incurred in a trade or business, then they are above the line.