As of May 2015, points in the Sportsman's Warehouse Loyalty Rewards program can only be redeemed for a Sportsman's Warehouse gift card. The minimum threshold for cashing out is 5,000 points, which can be exchanged for a $50 gift card.
One point is earned for every dollar spent at the Sportsman's Warehouse, which effectively means $5,000 must be spent at the store to earn a reward. Extra points are earned when purchases are paid for with a Sportsman's Warehouse Visa card, however. The company also gives special offers and discounts to members of the rewards program. Both online and in-person purchases are eligible for points.