The BetMGM bonus code offers a $1.6K deposit match or $1.5K first bet on the house for new users in most locations, besides New York. Whichever offer you choose, you’ll need a new account using the corresponding bonus code followed by a $10+ deposit and a cash bet.

Here are the two BetMGM welcome promos with the bonus code and how to qualify:

You can earn 20% from your first deposit with BetMGM with no first bet necessary. In fact, among the leading sports betting apps across the country, this is one of the few welcome promos that earns bonus funds from the deposit alone.

However, once you make the deposit and earn the bonus, you have a cash betting requirement to meet to access any winnings in your account. Let’s say I made a $500 deposit, earning $100 in sports bonus.

BetMGM requires you to cash bet 10x the bonus earned in the first 30 days of opening your account. In the example above, this means I would need to cash bet a total $1,000 (it can be spread across multiple wagers) to withdraw or access my cash.

Now, what about the $100 sports bonus I earned?

These are bonus funds to use within BetMGM for seven days. If I fund a bet with the sports bonus, I can profit cash; however, that cash cannot be withdrawn until I meet the cash betting requirement mentioned above.

Alternatively, you can choose to cover your first bet up to $1,500 in case it doesn’t go your way. If your first bet wins, no sweat, you profit the cash from a winning bet and now have a cash balance to use on other wagers or withdraw to your bank account.

Let’s say I want to make a parlay across the Wednesday Euro 2024 slate.

If I placed $200 on a +1780 four-leg parlay for Slovakia, Belgium, Czech Republic and Portugal to win their matches, here’s how the promo works:

BetMGM deposits your bonus bets depending on the size of your wager.

Just like the sports bonus, these funds are valid for seven days to use on wagers within the BetMGM platform and cannot be withdrawn since they aren’t cash.

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