Cash is cash.
The issue is that sometimes, you might win a prize and get a 1099 for the "manufacturers' suggested retail price", but if you know that it is never actually sold for that price and the real fair market value is less, you are taxed on the real FMV and not the MSRP. But cash is cash. There's no adjustment.
If this was gambling specifically, you can list gambling losses (up to the amount of your winnings) as an itemized deduction, and you might or might not get a tax benefit depending on your other itemized deductions. But things like raffles and radio station prizes are not considered gambling for this deduction.
