Review of the welcome bonus offered at BetMGM sportsbook. Find out how to get the most of the bonus bet using promo code LWOS.

The way the BetMGM welcome bonus works is pretty straightforward:

• Click this link and sign up with BetMGM code.
• Make a deposit.
• Place a bet for at least $10, and if it loses, you’ll be refunded in bonus bets.
• Bets of $49 or less are refunded with a single bonus bet. Bets of $50 or more are refunded with five bonus bets, each worth 20% of your wager. So if you lost a $100 bet, BetMGM would issue you five $20 bonus bets.
• The max refund is in bonus bets, which requires placing and losing a bet.

The biggest things to decide are how much you want to make your initial bet, since that will determine your refund if you lose. Then, if you do receive a refund, you must choose how you want to use those bets.

Using the BetMGM promo code

Start by clicking any link on this page to register with BetMGM Sportsbook. Enter the best BetMGM Sportsbook bonus code LWOS when you sign up.

Next, you’ll need to make a deposit. The welcome bonus will be active no matter the amount of your first deposit. However, we suggest depositing at least the money you intend to use for your first bet.

That’s all there is to it. Now you can place your first bet, and if it loses, you’ll be given BetMGM bonus bets.

Using the BetMGM welcome bonuses

There’s no such thing as an objective right or wrong answer for using your BetMGM welcome bonus.

You could make an aggressive first bet in the hopes of capitalizing on the nature of the bonus. You could try and play it safe and make a small profit, while knowing you have a safety net of sorts if your bet fails.

There’s no magic spell that will guarantee a profit with this or any sportsbook welcome bonus. Although this is a welcome offer, there is a possibility of losing despite using the bonus in the smartest way possible. For that reason, you should not bet more than you’re comfortable losing.

Now that all that’s out of the way, let’s break down the BetMGM sign-up bonus.

Maximizing the BetMGM bonus bet

To maximize the BetMGM promo, you need to know your limits as a bettor and figure out how much it makes sense for you to wager.

To go back to basics for a second, the BetMGM bonus isn’t without risk. Rather, this BetMGM promo offers you something that’s more like insurance.

If your first bet with BetMGM loses, you get a bonus bet refund. That means you have to win a bet to actually receive part of your money back. You’ll notice that we said “part of your money back.” That’s because you don’t receive your bet stake back when placing bonus bet wagers. Unless you win a bet with plus odds, you’ll still end up down overall.

You also need to consider how BetMGM refunds lost bets. If your first bet is $49 or less, you’ll get one bonus bet of that amount (e.g., a first wager of $20 returns single bonus bet of $20). If your first bet is $50 or more, you get five bonus bets, each equal to 20% of your wager (e.g., a first wager of $400 nets you five bonus bets, each worth $80).

Because of this, if you plan to make a $40 first bet, we highly recommend betting at least $50. We consider five $10 bonus bets much more valuable than a single $49 bet because you have a lot more options on how to use them.

Now, let’s cover some critical restrictions. First, BetMGM bonus bets expire after seven days. Second, you can’t use bonus bets in conjunction with most BetMGM promotions. For instance, you couldn’t use a bonus bet and take advantage of another BetMGM promotion and receive a second refund if you lose.

Now, the question becomes how to use your bonus bet and for how much. It goes without saying that if you bet on a longshot and win, you’ll make more money than if you bet on a favorite and win.

Let’s say you win your opening bet. That’s great; you collect your winnings and the welcome bonus at BetMGM goes away. You can keep betting, cash out, or do a little of both. But what if you lose your first bet? Now it’s time to go over using those bonus bets.

A major drawback of bonus bets is that when you wager with them, you don’t keep your stake. For example, a $100 cash bet at +130 returns $230 ($100 stake + $130 winnings). But a $100 bonus bet only returns $130 since your stake is not paid out. Simply put, bonus bet wagers return less money than cash wagers do. The good news at BetMGM, though, is that since bets of $50 or more refund you with five bonus bets, you get a lot more freedom in how to use them.

For example, if you lost a $500 bet, you’d get five $100 bonus bets. You could decide to use your first one on a +500 parlay, hoping to recoup all your losses right away. If it hits, you now essentially have four $100 bonus bets that are house money.

You also have the option of using your bonus bets in conjunction with one another to ensure you don’t lose everything. For example, you could use one bonus bet on a moneyline favorite and another on the spread underdog in the same game. In a perfect world, you’d win both bets, but you’d be assured of winning at least one.

Now, here’s a real-world NFL betting example to make sure you know exactly how bonus bets work.

Maybe you think the Buffalo Bills are a sure thing, and you want to use one of those $100 bonus bets on Buffalo at -500. The only problem is, even if you win, you’ll only get $20 back. This is where the math gets really crazy. That same $100 bonus bet on the Green Bay Packers would return $375, meaning betting on the underdog here pays out almost 19 times what betting on the favorite does.

This is why some bettors avoid using bonus bets on favorites. If you bet the underdog, the difference between using cash and bonus bets can feel a little less dramatic. You could also argue that if the Bills end up victorious, winning $20 is better than winning zero dollars. Fair point. At the end of the day, it all comes down to personal choice.

Of course, the difference between betting on an underdog and a favorite isn’t as dramatic if the lines are tighter (e.g. -120 instead of -500). You can seek out those tighter lines if you don’t want to squander the value but also don’t want to take an overly risky line.

We hope this article has shed a little light on how you can go about claiming and using your BetMGM welcome bonus. It’s a pretty straightforward sportsbook bonus promo and a nice way to get started with a new sportsbook. Have fun, play safe, and happy wagering.

FAQs

What is the BetMGM promo code?

The BetMGM Sportsbook bonus code is LWOS. Enter the code when you create your new BetMGM account.

Is BetMGM sportsbook legit?

Absolutely. BetMGM is a well-known and highly reputable player, with an immense business empire attached to its brand. The entertainment and hospitality empire began with the world-famous MGM Grand Hotel and Casino on the Las VegasStrip. Since 2018, MGM has cemented its place as a premier operator in the world of legal online sports betting.

BetMGM operates all over the United States where sports betting is legal. The brand always does so with a legal license and government oversight from the relevant regulatory agencies. Your money, personal information, and online payment data are all secure with BetMGM. You should have no qualms about its security measures.

Where is BetMGM’s online sportsbook available?

Terms and conditions apply to all offers. Please see BetMGM Sportsbook for details. 21+ Gambling Problem? Call 1-800-GAMBLER+

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As of June 2024, sports bettors in several states can use the BetMGM bonus code to redeem a first bet offer now valued at up to $1,500.

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