Oh pfft. The way the law is written, you can only claim 90% of your losses, but must report all your winnings. So if you make 10,000 in bets and wind up breaking completely even, you'd have to claim 1000 dollars. So it isn't just people making money that this would ding. It's just taxing gambling on top of what its already taxed, which is already pretty bonkers.
And even if you're a prude and don't want any regulated gambling at all, this is just going to drive gambling underground and reduce tax revenue, like a lot of what this administration seems keen to do.