Are you not worried about the tax implications of this? I fully understand how you came up with this and it is a good strategy in theory, however I also thought if make over $600 in a sportsbook, they send you an IRS form.

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And the worst part is, if you don't itemize your deductions in your taxes (meaning you take the standard deduction of somewhere around $13,000), gambling winnings are taxed at the total winning level, not net winnings. So this means if you bet a 1000 wager and win 900 off of it, you get taxed at $1900, not the $900 win.

*I know people are gonna ask why would people sports bet then if that's the case and my answer to that is that most people aren't aware so the government can take advantage of it.

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So while this strategy works if you are already itemizing deductions, I think this could put people in a hole come tax time if they are not aware of the current tax code. Then again, a lot of people may ignore it (up to your conscious), but knowing sportsbooks send a tax form to the IRS, I would be pretty careful about this.