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You can read a lay interpretation in a
Card Player article.
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From what I can surmise, the ruling simply allowed the IRS to collect an employment tax on his gross winnings. It didn't allow him to deduct his excess losses. The ruling was made to take his money, not give it back. What good is being the business of gambling if you can't take a loss?
That ruling aside, Gambling winning are defined by the IRS as "other income" not business income. To allow Gambling to be considered a business, the IRS would have to change the definition.
You would know better than I would. Does Phil Ivey fill out a schedule C strictly for his poker winnings or does he enter them on line 21 of the 1040?