BetMGM returns up to $1,500 in bonus bets if your first wager loses — no rollover required on the refund. Use promo code CBSSPORTS or COVERS at registration to activate the offer.
What exactly does the BetMGM first-bet offer give you?
Place your first real-money wager up to $1,500. If it wins, you keep the cash. If it loses, BetMGM refunds the full stake as bonus bets. Per the operator's terms, regulated US sportsbooks' first-bet refunds carry no wagering requirements on the returned bonus bets — you just need to use them before they expire.
That structure makes this one of the simpler offers to understand. There's no deposit-match math, no multiplier to track. Lose your first bet; get it back. Win it; pocket real cash.
How do I claim the BetMGM bonus code?
- Open a new BetMGM account in a state where it holds a license.
- Enter promo code CBSSPORTS or COVERS during registration.
- Make a first deposit and place a qualifying wager up to $1,500.
- If the bet loses, bonus bets are credited to your account.
Geographic restrictions apply — the offer is valid only in states where BetMGM is licensed. Check the app's geolocation screen before depositing. Must be 21+. Gambling problem? Call 1-800-GAMBLER.
What are the key terms to know?
| Term | BetMGM Detail |
|---|---|
| Max refund | Up to $1,500 in bonus bets |
| Rollover on refund | None (regulated first-bet refunds carry no wagering requirement) |
| Promo codes | CBSSPORTS, COVERS |
| Bonus bet stake | Non-withdrawable; only net winnings paid in cash |
| Opt-in required | Yes — enter code at sign-up |
One thing to know cold: when a bonus bet wins, only the profit hits your withdrawable balance. The stake itself is gone. A $100 bonus bet winning at -110 nets you roughly $91 in real cash, not $191. Factor that in when sizing your first wager.
How does BetMGM's offer compare to rivals?
The $1,500 ceiling is the highest first-bet refund among major regulated US books. For a side-by-side look at how it stacks up against 20 Profit Boosts for a $1 bet, see the BetMGM vs Caesars: First-Bet Bonus Head-to-Head page. If you want the full field, the Best Sportsbook Welcome Bonuses Ranked for New US Bettors covers every major offer in one place.
Offers with no rollover are worth singling out. BetMGM's refund qualifies — unlike offshore books such as BetUS, which impose a 14x rollover on sports bonuses. For more on that distinction, check which sportsbook bonuses have no rollover requirement.
Is the BetMGM bonus worth it in your state?
BetMGM is licensed across a broad range of legal US states. As of 2025, 38 states have adopted legalized sports betting in some form, and BetMGM operates in a large portion of those markets. State availability shifts; always verify on the operator's site. For a state-level breakdown of which offers are active where you live, see sportsbook bonuses available in your state right now.
Before you sign up anywhere, it's worth understanding how bonus expiry, odds restrictions, and tax reporting work. The Sportsbook Bonus FAQ: Wagering Requirements, Expiry & Taxes answers the questions that trip most bettors up — including what happens when bonus bets expire unused and whether your refund counts as taxable income (short answer: yes, once it generates net earnings over $600). For a broader explainer on bonus mechanics, Sportsbook Bonuses Explained at BetOnIt is a solid reference.
Bottom line: $1,500 back on a losing first bet, no rollover strings attached, with a straightforward promo code. For high-stakes first wagers, it's the largest safety net in the regulated US market right now.