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The phrase "a losing proposition" is correct and usable in written English.
It can be used to describe a situation or decision that is likely to result in failure or loss.
Example: "Investing in that failing company seems like a losing proposition, given their recent financial struggles."
Alternatives: "a bad deal" or "a futile endeavor."
Exact(57)
"It was a losing proposition that we found ourselves in.
I knew I was already in a losing proposition.
But owning the team has been a losing proposition.
It was a losing proposition from beginning to end".
That is a losing proposition," the secretary of state said.
On the question of same-sex marriage, it's also a losing proposition.
It soon became clear, Vincent said, that the retail business was a losing proposition.
Some business owners said the parade had become a losing proposition.
Using the second round to acquire a franchise quarterback has been a losing proposition.
At Chrysler, Cerberus could slash health-care costs and still be saddled with a losing proposition.
Similar(1)
Momentum swung wildly, and serving seemed a losing proposition.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com