BetMGM Has Best Bonus For New Bettors Outside of DraftKings and FanDuel

Navigating the complex landscape of sportsbook signup bonuses — and their many terms and conditions — can be daunting. We're here to help you sort out the important criteria, and reveal the best current offering.

Last Updated: Aug 29, 2023 3:47 PM ET Read Time: 4 min
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With dozens of sportsbooks all vying for our deposits, the value of player acquisition is as high as it’s ever been, and bettors can capitalize on this through enticing sign-up bonuses and promotions offered across the sports betting landscape.

Although FanDuel and DraftKings make up 77.1% of the US online sports betting market, there are still plenty of advantageous offers up for grabs at other online sports betting sites. Whether you’re a first-time bettor or looking to grow the number of books you have access to, taking advantage of these bonuses and sign-up offers can really help you build your bankroll. 

The importance of bonus offers

Bonus offers can greatly enhance your betting experience, but combing through them all can be confusing. With offerings of risk-free bets, 100% deposit matches up to a certain limit, first-bet insurance, and free bonus bets, it's sometimes hard to know where to start.

Bettors should always read the fine print and terms and conditions of the offerings, as they can differ from book to book, but these bonuses still create value for bettors.

With so much competition for the remaining 23% of the market outside of FanDuel and DraftKings, bettors can shop around and find the best and most compelling bonus offers beyond the major players.

Criteria for evaluating bonuses

With sports betting becoming legal across 37 states as of August 2023, it’s much safer today to trust these sportsbooks, but as always, do some research and check out the reviews before giving away any of your personal or banking information. Covers has extensive resources when it comes to checking out the reputability of sportsbooks.

Once you’re comfortable with a book, it’s time to dig into the terms and conditions of the bonus offer before making that first deposit. It can be a little overwhelming, but it's important to ensure you’re familiar with the conditions. 

Some books will make you roll over (bet through) your bonus money, bet credits, and/or free bets before they become withdrawable, and if bettors don’t roll the bonuses over, there’s the potential of losing out entirely. 

Learning the language of the bonuses is just as important as knowing which bonuses maximize your value in a deposit. There are plenty of bonuses, and each sportsbook can have a different set of terms and conditions.  

BetMGM has best bonus in the biz

Currently, the best sign-up offer ahead of the NFL season, in my opinion, is at BetMGM. They’re offering bonus bets up to $1,500 if your first wager loses. In this case, you’ll get your original stake paid back in bonus bets, up to $1,500. 

Like all sign-up bonuses, there’s an extensive T&C but it’s a five-minute read and clears up any ambiguity. Some key points include that any losing first bet over $49 will be credited with five bonus bets back in equal denominations of 20%. So, a losing $1,500 initial bet would return five $300 bonus bets, and an initial losing bet of $49 would return the full amount single Bonus Bet of $49. 

These bonus bets must be used within seven days of the initial wager, or they will be forfeited. 

It may sound slightly complicated, but as far as bonuses go, this one is about as straightforward and advantageous for larger first-time depositors. Even FanDuel and DraftKings don’t have an offer of this size, as their bonuses are more in the vein of “bet X dollars, and receive X dollars in bonus bets”, targeting more of the $5-bet crowd.

All bettors have different bankrolls, though, so finding a bonus that fits can certainly depend on the initial deposit. Keep that in mind.

Want to learn more? Read our comprehensive BetMGM sportsbook review to discover why it's become a must-have book for serious bettors.

Get $1,500 in Bonus Bets

How to maximize bonus offers

Before betting on the activation wager, bettors have to understand the betting requirements, as misinterpreting these could result in a forfeited bonus. 

Looking at the BetMGM example, that initial wager can be used on a single game, a parlay, or a same-game parlay (SGP) and cannot be split between various bet placements. It can also not be used with any type of odds boost. Those terms might not be the same from book to book, so understanding the Ts & Cs is up to the bettor.

There’s nothing wrong with taking some time and expanding your betting horizons by reading the stipulations within these bonuses, as every online sportsbook has strict rules to follow in order to take advantage of these offerings. 

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Do your homework on sportsbook bonuses

Whether it’s your first sportsbook account or your 12th, taking advantage of bonus and sign-up offers is a superb way for bettors to take advantage of the online sports betting industry’s competitive landscape, as books continue to pour money into player acquisition. 

Find out what deposit you’re willing to make and research which books offer the best returns for those limits using Covers’ sportsbook reviews. Once bettors are comfortable with a book and its bonus, the next step is to read those Ts & Cs to make sure there are no hidden issues that could forfeit the said bonus. 

Making smart, informed, and responsible betting decisions is always paramount, and that includes the extensive world of online sportsbook sign-up bonuses. All potential bettors should be encouraged to explore alternative books and their appealing bonuses. The books pump money into these to attract us, and can sometimes make us feel like the prettiest girl at the ball with their added value. 

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