Tax deductions for losses equivalent to loss rebate promo?

I've had some success with the slot loss rebate promotions at Palms and others. Basically, if you lose up to $1000 in a single day, 40% of your losses up are rebated as slot credit the same day, and 60% are rebated after a month. This is obviously a great positive expectation promo for the player. Note that it ended at the Palms last month.

I now have a few W2G's from slot wins over $1200 that I must pay taxes on at my marginal tax rate of about 40%. I am able to deduct gambling losses up to the amount I have won, as documented by my players card. In essence, I will get 40% of my losses back since I won't have to pay taxes on them.

My question is, should I gamble as if I have been granted another loss rebate promo through tax deductions? If so, what is the stopping point, as if I keep winning then I will continue to be in an infinite loop of more taxes and more possible deductions. If I lose, then I will take the tax deduction and only "lose" 60% of what I really lost.

Thanks for your thoughts.

I hate tax questions because it is always someone trying to avoid them.
Tax deductions only work if you are itemizing your return. Also the casinos records are not what the irs wants to see. They want to see a detailed daily log for the entire year showing all activity including which slots you played and how much you won or loss on each day.

No, because if you win you also pay taxes on the wins.

I would read more about tax law because your understanding about the role of casino win loss statements is not accurate.