BetMGM Sportsbook is the official sports betting brand of gaming behemoth MGM Resorts International, and it offers a significant welcome bonus to customers in a rapidly growing list of states.
The latest BetMGM bonus offers a risk-free bet worth up to $1,000, a standard promotion in the US sports betting market. However, it comes with one unique twist that propels it above the typical online sportsbook offer.
Read on for all the details behind the BetMGM Sportsbook bonus, including the current promo code and how to take maximum advantage of the offer.
BetMGM Promo Code: $1,000 Risk-Free Bet
- Promo code: BUSABONUS
- Eligible states: AZ, CO, IN, IA, MI, NJ, PA, TN, VA, DC, WV, WY
- Bonus amount: Up to $1,000 awarded as a free bet
- Rollover requirements: None
BetMGM Sportsbook offers new customers a risk-free first bet worth up to $1,000. The current bonus replaces BetMGM’s previous offer, which topped out at $500.
New customers can claim the BetMGM bonus in three steps:
- Visit BetMGM.com to sign up for an account
- Make a first deposit of at least $10
- Place a real-money bet
Customers who place their first bet and lose automatically receive a full refund worth up to $1,000 within 24 hours. Customers who place their first bet and win receive their winnings as normal, and the promotion ends there.
New bettors whose first wager is $50 or less receive a single free bet of equal value, just as they would at most other sportsbooks.
However, if the first bet is larger than $50 and it loses, BetMGM issues the refund as five free bets, each equal to 20% of the initial wager.
For example, if a new user places a $200 wager and loses, BetMGM will give them five $40 free bets. Likewise, a bettor who places a $1,000 wager and loses will receive five $200 free bets on the house.
Any new users who lose their first bet and receive a refund must use their free bets within seven days of receipt. Additionally, any free bets used to place a winning wager are not returned with the winnings. And lastly, free bets are not eligible for early cash-outs.
BetMGM Sportsbook Sign-Up Bonus Pros
1. Free bet increments
The one aspect of BetMGM’s signup offer that truly differentiates it from other similar bonuses is that customers receive their refund in increments of 20%. That BetMGM issues the refund as five separate bets may sound like a minor detail, but it has significant implications regarding risk.
Most sportsbooks issue risk-free bet refunds in one big chunk, no matter how big it is. So, if someone places a $1,000 wager and loses, the book usually issues the refund as a single $1,000 free bet that the bettor must wager all at once.
Doing so is a risky proposition, made even more intimidating by the fact that it is best to wager risk-free bets on longshots because most sportsbooks do not return the initial stake with any winnings obtained by wagering free bets.
When customers receive their free bets in five separate chunks, they stand a much better chance of at least one of those longshots coming in. Technically, there is nothing wrong with using all five free bets on one appealing market, but most bettors tend to prefer to spread the wealth.
As a result, the BetMGM bonus gives customers more flexibility. They can pick and choose their spots, bet on several underdogs, and have a good chance of walking away with a net gain.
2. Large maximum bonus amount
The average sportsbook caps its welcome package at about $500, and there was a time when BetMGM abided by the industry standard.
However, as the sports betting industry grows increasingly competitive, BetMGM has doubled its welcome offer for new users. Only a handful of sportsbooks offer welcome bonuses worth up to $1,000.
3. No betting restrictions
Online sportsbooks often lower the values of their welcome packages with limitations on how customers and qualify and use their wagers. That’s not the case at BetMGM, where bettors may place their initial wagers and any refunds on any market they wish. Customers may bet on props, parlays, alternative lines, heavy favorites, underdogs, and so forth.
The only significant limitations are that free bets are not eligible for early cash-outs, and users cannot stack promotions.
BetMGM Bonus Cons
Risk-free bet promotions are not without their shortfalls. While BetMGM offers one of the better bonuses of the type, it is not impervious to the innate flaws of risk-free bets.
First, new customers who win their first bet are not entitled to any house money. Winning bettors can enjoy their winnings, but they receive nothing else in terms of extras. If a new customer signs up for an account, places a bet, and wins, the promotion ends there.
Second, the BetMGM bonus only applies to each customer’s first wager. As a result, bettors who wish to maximize their bonus potential may have to risk more than they’re comfortable on their first bet. BetMGM’s welcome bonus would be much more bettor-friendly if the first $1,000 worth of wagers were eligible for refunds.
And finally, free bets that win do not return the initial stake. For example, a customer who uses a $200 free be on a -110 line and wins ends with less than the initial free bet amount – $181.82, to be exact. On the upside, bettors can withdraw their winnings with no further action needed.
As a result, the best play for new BetMGM customers is to use their free bets on underdogs because if they win, the return will be greater than the amount of the free bet.
Where does the BetMGM Sportsbook Welcome Bonus rank?
Overall, the promotional terms of BetMGM’s welcome package are favorable to new users. The monetary cap is above average, the promotional terms are lenient, and it only requires a $10 deposit to qualify. It’s also nice that BetMGM issues any refunds over $50 as five free bets.
However, it would be even better if BetMGM issued refunds as site credit, which users could wager however they like and would their initial stakes on winning wagers.
With that in mind, the BetMGM bonus lands somewhere in the upper middle of the pack. There are certainly more positives than negatives, and readers would be wise to take advantage of this promotion while it lasts. But considering MGM Resorts International is one of the world’s largest gaming operators, it could stand to improve the offer a bit.
Other BetMGM Promotions
Other BetMGM promotions often involve customers receiving free bets, refunds on losing wagers, and the occasional special such as paying bettors for every scoring play their selected team completes.
Additionally, BetMGM frequently launches new promotions tailored to major events and the leagues that are in season. On any given week, BetMGM may launch multiple short-term promos that involve enhanced odds on select games, leaderboard contests for making smart picks, and more.
A random sampling of recent promos hosted by BetMGM includes:
- Free bets for customers who wager $50 or more in a single week
- Parlay refunds for customers who miss a parlay by a single leg
- 10% cash back on net losses for customers who had a bad week
- One promo in which customers received a $3 bonus for every point scored by select star players when wagering on NBA games.
The list of ongoing promotions is constantly changing, but customers can find what’s on offer any time by logging in to BetMGM.com or launching the mobile app.
BetMGM Deposit Methods
Customers may fund their BetMGM accounts through a selection of standard and easy-to-use payment methods.
- Credit and Debit Card: BetMGM accepts Visa, Mastercard, and American Express.
- E-Check: Instant electronic transfer of funds from the player’s bank account to their BetMGM account.
- Play+ Card: Online account that can be funded through various means such as credit/debit/e-check for instant online deposits, but with the added ability to receive withdrawals. Additionally, signing up for a Play+ account prompts a physical Play+ card to be sent via mail. The physical card is connected to the player’s Play+ account and can be used to withdraw cash from ATMs or make purchases wherever Discover is accepted.
- Online Banking Transfer: Bettors who have accounts with one of several national banks can use the online banking transfer option to initiate a secure transfer of funds by choosing this method, selecting an amount to deposit, and then approving the transaction by logging in with their existing online banking info.
- PayNearMe: Print a pay slip online, take the pay slip to a local 7-Eleven or CVS and pay with cash.
- PayPal: Make a deposit with an existing PayPal account. Note that only customers may only use personal PayPal accounts linked to a bank account. PayPal does not allow players to make deposits to gambling sites if those deposits originate from funds uploaded via credit or debit card.
- Skrill: An electronic wallet that works a lot like PayPal but with more payment methods and higher fees.
Customers may contact BetMGM via phone, live chat, and e-mail. Additionally, the BetMGM website provides a comprehensive self-help section that is searchable and organized by category.
Responsible Gambling Tools
State law requires BetMGM to provide responsible gambling tools to all customers. Current customers may log in any time to set daily, weekly, and monthly limits on deposits and wagering or self-exclude temporarily or permanently.
Wes Burns co-founded BettingBonuses.com to help bettors clearly understand offers and promotions at legal online sportsbooks and betting sites. Wes has worked in the regulated online betting industry since 2008.