You can't deduct losses against regular income. The idea is that if you win $100,000 one day and lose $100,000 the next day you should be taxed 0 since on net you won 0 total. Under the news rules it sounds like you would still be taxed even if you won 0 on net.

I am anti-gambling so I don't really care, but the current system seems fair (assuming its enforced well)