However you characterize it, poker's popularity is growing. Consult your own attorney for legal advice.horizons casino renoe CASINO BUSES FROM KATY TO LOUISIANA Winnings from gambling, sweepstakes, lotteries, and raffles are fully taxable as "Other Income" on Form , but losses cannot be netted against winnings. You may deduct gambling losses only if you itemize your deductions on Form , Schedule A (PDF), and kept a record of your winnings and losses. Uncle Sam helps you limit any tax bill on gambling payouts by allowing you to offset your winnings with your gambling losses. Form , but you must itemize to deduct losing bets.
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