tax question on WSOP cash

[Kneel B4 Zod]

*mods don't know if this is the right forum, feel free to move*

So, I was given a seat to a $1,500 WSOP event. I cashed for about $4,300, and Harrahs gave me the tax form/will report the win to the IRS.

a couple questions - I will be on the hook for about 50% of the win for the federal and state (MA) taxes.

someone told me that if I have gambling losses to offset the $4,300, I will reduce the tax burden I have to pay. IE if I enter a $2,000 tournament and bust out quickly, I can deduct the $2,000 from the $4,300 in WSOP winnings I had, and only pay taxes on the difference ($2,300). this creates an oppty for me to play another tournament at a greatly reduced (effective) rate.

does this sound right?

I don't play poker much anymore, so I'm not sure I'll have other losses to apply to this.