Since the US Supreme Court opened the floodgates in 2018 by overturning PASPA, states have been legalizing mobile sports betting. Many states like Michigan, Indiana, New Jersey, and Pennsylvania allow for multiple competing sportsbooks.
As a way of trying to win over customers from the competition, sportsbooks like BetMGM offer generous welcome bonuses. These could be deposit bonuses or risk-free bets. If a sportsbook is offering you money just for signing up, there is no reason to turn them down.
Below I discuss BetMGM’s welcome bonuses, and how to take advantage of them.
BetMGM Bonus Code
When signing up for your BetMGM account, they will ask if you have a promo code. If you sign up for the BetMGM Sportsbook, you should enter promo code THEGAMEDAY when prompted.
BetMGM Signup Bonus
Let’s go over what the BetMGM bonus has to offer.
BetMGM No-Deposit Bonus
A no-deposit bonus is a site credit that gets applied to your account where you don’t need to deposit any money. For example, some sites will give you $20 just for signing up.
As a welcome bonus, BetMGM does not offer no-deposit bonuses. However, they frequently offer no-deposit bonuses to existing customers.
In the recent past, BetMGM offered me a $20 no-deposit bonus just based on my wagering activity. The only requirement was that I bet six times the bonus ($120) within 14-days. While I couldn’t reach this requirement by betting only on heavy favorites, if I bet on something at -200 odds or better, my bets meet the wagering requirements.
BetMGM Deposit Bonus
Currently, BetMGM is not offering a first-time deposit bonus, but in the past, they have had first-time depositor bonuses.
The way BetMGM’s first-time depositor bonus worked is that they would match your deposit 100% up to $500. Then to be able to withdraw that deposit bonus you would have to wager it six times over the course of 14 days.
While it could seem overwhelming for new bettors to bet $3000 over 14 days, there is a day to do it in a way where you spread your risk into multiple small bets to limit variance. This is a topic I go over in my article about betting on sports is a less costly hobby than Netflix with a $300 per month bankroll.
Let’s say that someone deposited $300 to have a bankroll of $600. If they make 30 $10 spread bets a day until they meet the wagering requirements (six days), they only have a 4.81% percent chance of losing more than $100 in a day.
To meet the wagering requirements of only $1800, it is highly unlikely that even a caveman would lose money from their initial deposit following this low-risk strategy.
BetMGM Risk-Free Bet
A risk-free bet is essentially a risk-reduced bet. If your initial bet loses, sites will compensate you with a free bet that is equal to the size of your initial bet.
BetMGM currently is offering new customers a risk-free bet up to $1000. New bettors can choose to bet less than $1,000 on their risk-free bet, as the only requirement for receiving this bonus is that you deposit $10 or more into your account.
If your qualifying risk-free bet is $50 or more and loses, BetMGM gives you free bets in denominations of 20%. For example, if you make a $100 risk-free bet and it loses, BetMGM gives you five $20 free bets.
If your risk-free bet is less than $50, then BetMGM just gives you a single bet back in return.
Benefits of the BetMGM Bonus
There are several benefits to the BetMGM bonus.
Decreases the Sportsbook’s Edge
Sportsbooks aren’t giving away money to be nice, they are giving away money to build brand loyalty. Once you are a user of their product, they hope to recoup their investment.
However, as an initial user, you have an edge against the BetMGM app as the only way they make money on you initially is if your risk-free bet loses, and if enough of your free bets lose.
Up to $1,000 Risk Free Bet
While some sportsbooks offer only up to $500 or $250 risk-free to new users, BetMGM Sportsbook offers up to $1000 risk-free bet insurance to new users.
Free Bets Are Split
If your risk-free bet loses, BetMGM gives you five free bets equal to 20% of your risk-free bet amount. This is unlike most books which give one single free bet if your risk-free loses. With five free bets, you can spread your risk on multiple bets to recoup the money you lost on your first bet.
The Best Way to Use the BetMGM Promo
The best way to use your risk-free bet offer depends on your level of risk tolerance. In an ideal world where you have a large bankroll, you should lay a $1,000 bet on a longshot.
However, if you are like most bettors and you have a smaller bankroll you should bet about two to four times how much you usually bet on a game for your risk-free bet, but on a longshot.
The reason why you want to bet on a longshot is because your biggest asset to having risk-free bet insurance is that you are compensated if you lose. Additionally, if your longshot wins you get a large sum of money.
If your risk-free bet loses, you should use your free bets on longshots. This is because for free bets you only get your winnings on your winning bets and not your winnings plus your stake.
For example, if you bet $100 cash on a +200 underdog and you win, you would receive your $100 stake back plus $200 in winnings. However, if you use a $100 free bet on that +200 underdog, you will only get back $200 in winnings without your initial stake.
BetMGM Free Bets vs No-Deposit Bonus
Free bets are what is given as a site credit for your risk-free or first-deposit bonus. And many times, they are given as a promotion to existing bettors on the sportsbook. No-deposit bonuses are strictly for when you sign up to a sportsbook.
Both have their benefits of course, especially when you receive free bets as a promotion, but getting a no-deposit bonus let’s you wager without any risk.
How to Redeem the BetMGM Promo Code
- Click on one of the “Get Bonus” links to activate the bonus
- You will be sent to the official website where you can sign up
- Choose your state and click “Register Button” on top right
- Enter in first name, last name, birthdate, last four digits of your social security number, email address, and password
- Put in THEGAMEDAY in the Bonus Code section.
- You can then download the BetMGM app and sign in
Do BetMGM Promos Expire?
Whether or not there is an expiration date for BetMGM promos depends on the type of promo being offered. If it’s a free bet to new and existing customers, the free bets are usually good for at least seven days and sometimes up to two weeks.
For deposit bonuses, those bonuses usually expire after 14 days. However, for risk-free bets with BetMGM there is currently no listed expiration date for the risk-free bet offer.
What Are Wagering Requirements?
The wagering requirements depend on the type of bonus.
For risk-free bets, the only requirement is that you deposit at least $10 and bet on something. For deposit bonuses, typically you must wager six times the bonus within 14 days of receiving the bonus.
For bet and get promotions where you bet $1 to receive $200 in free bets, typically MGM requires that you deposit $10 into your account even though the betting requirement is only for $1 in bets.
Is There a Way to Track Your Bonus Progress?
Yes, with BetMGM it is very easy to track your bonus progress.
In the promotions section of your BetMGM app, you can check the status of your bonus’s progress. Your bonus status will tell you what percentage of your requirements have been met and how much more money you need to wager to be able to withdraw your bonus.
When Will I Receive My BetMGM Bonus Credits?
BetMGM is quick to turn around your free bets, awarding them within 24-hours.
BetMGM has a number of promotions on offer throughout the year and I will cover some of them here.
BetMGM NFL Promotions
In the past for new customers, BetMGM has offered NFL-specific bonuses such as bet $1 and get $100 if Tom Brady has at least one passing yard. Additionally, they have also had deposit bonuses specifically during busy times during the NFL season like the first week and the Super Bowl.
For existing users, BetMGM has offered coin flip insurance for the Super Bowl as well as other interesting promos.
BetMGM NBA Promotions
One promo that BetMGM offered for new users is that if they bet $20 on any event within an NBA Finals game, that they would be rewarded with $100 in free bets. Additionally, they have also had new specific new customers offers during the NBA regular season.
BetMGM MLB Promotions
Usually, at the beginning of the MLB season or before the World Series, BetMGM offers unique MLB sign-up offers. Additionally for existing users in the past, they have offered free MLB.TV subscriptions if you bet $100 or more, and deposit bonuses.
Currently for existing customers, BetMGM is offering a weekly Hit the Cycle Challenge where they award free bets, a risk-free token, and a parlay boost in exchange for placing various types of small-dollar wagers.
BetMGM NHL Promotions
At the beginning of the NHL season or during the Stanley Cup Finals, BetMGM in the past has offered new user promos where if you bet $1 or $20 on the game, you get rewarded with $100 in free bets.
BetMGM offers the same $1,000 risk-free bet in Michigan, Colorado, Indiana, Iowa, New Jersey, Pennsylvania, Tennessee, Virginia, West Virginia, and Washington D.C. And you can use the same promo code, THEGAMEDAY, for each.