Does BetMGM Really Give You $1500 in Bonus Bets?
The BetMGM “up to $1,500 in bonus bets” promotion is a popular welcome offer designed for new users who want a second chance if their first bet doesn’t go as planned. Unlike a direct cash bonus, this offer acts as a safety net: if your initial wager settles as a loss, the sportsbook refunds your stake in bonus bets matching that amount, up to the $1,500 limit. For example, if you deposit $100 and place a $100 bet on an NBA game, but your team loses, BetMGM will credit your account with $100 in bonus bets to use for future wagers. If your first bet wins, you keep your cash winnings, and the promotion ends because the safety net was not needed.
The specific way you receive these credits depends on how much you wager on that first qualifying bet. If you place a bet of $49 or less and it loses, you will receive one single bonus bet token for the full amount of your loss. However, if you place a bet of $50 or more that results in a loss, the sportsbook breaks your refund into five equal bonus bet tokens. For instance, if you bet $1,000 and lose, you would receive five separate $200 bonus bet tokens, allowing you to spread your wagering across multiple events rather than being forced to bet the entire amount at once.
It is important to remember that these bonus bets come with specific rules, as they are not the same as withdrawable cash. Once these tokens are added to your account, they typically expire after seven days, so you must use them within that timeframe to ensure they do not disappear. Furthermore, when you use a bonus bet, the stake itself is not returned to you; if you use a $50 bonus bet on a +100 (even money) wager and win, you receive $50 in profit but not the $50 stake back. Always check the specific terms on the BetMGM website for your state to confirm you are meeting the minimum deposit requirements and are eligible for the offer before you get started.
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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