BetMGM Sportsbook Review – Claim your Risk Free Bet up to $1,000

BetMGM Sportsbook is the self-proclaimed “King of Sportsbooks,” and it’s easy to understand why. If you use the BetMGM promo code LWOSBONUS when you sign up, your first bet will be risk-free up to $1,000.

betmgm sportsbookThat said, there’s a lot to unpack if you want to get the most out of the BetMGM welcome bonus. The good news is, we’ve got you covered. Remember that no matter how strategic you are, you can walk away with an overall loss despite taking advantage of a great sign-up bonus.

If you haven’t used a risk-free bet before, you might still be uncertain about how best to take advantage of the promo. Is there a “right” amount to stake on your risk-free bet? Are there strings attached? Fortunately, we’re here to guide you through claiming and using your welcome bonus at BetMGM.

BetMGM new player welcome offer

BetMGM Promo Code LWOSBONUS
Welcome Bonus Risk-free bet up to $1,000
Minimum Deposit $10
Total BetMGM New Player Offer Up to $1,000 in BetMGM Free Bets
Legal States AZ, CO, DC, IL, IN, IA, KS, LA, MD, MI, MS, NJ, NV, NY, PA, TN, VA, WV & WY

The way the BetMGM welcome bonus works is pretty straightforward:

  • Click this link and sign up with BetMGM code LWOSBONUS.
  • Make a deposit.
  • Place a bet for at least $10, and if it loses, you’ll be refunded in free bets.
  • Bets of $49 or less are refunded with a single free bet. Bets of $50 or more are refunded with five free bets, each worth 20% of your wager. So if you lost a $100 bet, BetMGM would issue you five $20 free bets.
  • The max refund is $1,000 in free bets, which requires placing and losing a bet of $1,000.

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 free 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 LWOSBONUS 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 refunded with BetMGM free 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 risk-free 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. What you need to decide is what makes the most sense for you.

To reiterate, there’s no magic spell that will guarantee a profit with this or any sportsbook welcome bonus. Although this is a $1,000 welcome offer, there is a possibility of losing $1,000 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 $1,000 risk-free sign-up bonus.

Maximizing the BetMGM $1,000 free bet

To maximize the BetMGM $1,000 risk-free bet 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 $1,000 “risk-free bet” isn’t actually risk-free. Rather, this BetMGM promo offers you something that’s more like insurance. If your first bet with BetMGM loses, you get a free 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 free 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 free bet of that amount (e.g., a first wager of $20 returns single free bet of $20). If your first bet is $50 or more, you get five free bets, each equal to 20% of your wager (e.g., a first wager of $400 nets you five free 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 free 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 free bets expire after seven days. Second, you can’t use free bets in conjunction with most BetMGM promotions. For instance, you couldn’t use a free bet and take advantage of another BetMGM risk-free promotion and receive a second refund if you lose.

Now, the first question becomes how to use your risk-free bet and for how much. Regarding what to bet on, we think that’s entirely up to you. 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. Technically, your odds of winning will be less, but there are no sure things in sports betting, so we say do what feels right for you.

As for how much to bet, base that on your financial situation. Remember, despite this so-called “risk-free” bonus, you can lose your entire first bet fairly easily. So only bet an amount you’d be OK with losing.

Now for the really easy part. 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 free bets.

A major drawback of free 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 free bet only returns $130 since your stake is not paid out. Simply put, free 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 free 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 free 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 free bets that are house money.

You also have the option of using your free bets in conjunction with one another to ensure you don’t lose everything. For example, you could use one free 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 free bets work.

Maybe you think the Buffalo Bills are a sure thing, and you want to use one of those $100 free 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 free 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 free bets on favorites. If you bet the underdog, the difference between using cash and free 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 $1,000 risk-free bet welcome bonus. It can be tricky to wrap your head around at first, but at the end of the day, 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 LWOSBONUS. Enter the code when you create your new BetMGM account, and your first bet will be risk-free for up to $1,000.

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 Vegas Strip. 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?

As of right now, BetMGM is available in AZ, CO, DC, IL, IN, IA, KS, LA, MD, MI, MS, NJ, NV, NY, PA, TN, VA, WV & WY.