u/San0321

My goal is basically get the 1:1 ratio to cash out of the rewards points I have. I am a California residents and I am currently visiting Boston, where MA has sportsbook legalized. I am planning to bet on a 99% win rate team (at the end of the game) to just get my points get converted to cash.

1. Do I need to pay taxes on the cash that I converted from the points? (other than the profit part of the winnings)
2. are there any warnings on cashing out about ~$1k in one day by converting points to cash?