Video games are a highly heterogeneous form of entertainment. As recent reviews highlight, this heterogeneity makes likely that video games have both positive and negative consequences for child development. This study investigated the associations between gaming frequency and psychosocial health among children younger than 12 years of age, an understudied cohort in this field. Both parents and children reported children's gaming frequency, with parents also reporting on children's psychosocial health. Given that children may be too young to report the time they spend playing video games accurately, children's reports were scaffolded by a developmentally appropriate measure. We further investigated the potential bias of having parents report both their children's gaming frequency and their children's psychosocial health (i.e., a single source bias). Parental reports of children's gaming frequency were higher than their children's reports. However, a direct test of the potential single source bias rendered null results. Notably, however, while parental reports showed negative associations between gaming and psychosocial health, children's reports showed no associations. Specifically, based on parent reports, children's gaming was associated with more conduct and peer problems, and less prosocial behavior. As children's reports produced no associations between gaming and psychosocial health, parental reports in this study may belie an erroneous set of conclusions. We therefore caution against relying on just one reporter when assessing children's gaming frequency.