However, fantasy sports' legality has been unclear, due to a growing controversy over whether it's a game of skill or a form of gambling.executive casino host salary ARGENTINA CASINO CORRIENTES Additionally, you will have to pay self-employment tax on your winnings that casual gamblers are not subject to. Yes, you can deduct your gambling losses and wagers. Gambling losses can be reported under “Other Miscellaneous Deductions” on Schedule A (Itemized Deductions) of Form. You must report them on your tax return. If you gamble, these IRS tax tips can help you at tax time next year: Gambling income. You can deduct your gambling losses on Schedule A, Itemized Deductions. Best Answer: You don't get a " tax credit" for gambling losses. If you lose more than you win, which, as a recreational gambler is pretty much guaranteed, you have to report your winnings as income and you can take an itemized deduction for your losses up to the amount of winnings.