Tax question on future bets

[chalk7]

i assume this isn't correct, but if i placed a future sports wager in december of '06 and it ends up losing in jan of '07, can i write if off as a loss on my '06 return?

and the second question, if the above question is possible, can i write off all future wagers since the money is already paid upfront and if i win, then claim both the principle bet and the winning amount as income?

thanks for any help.