BetMGM is offering new customers up to $1,500 in bonus bets using the promo code CBSSPORTS for wagers on select sporting events [1].
This promotion targets new users during high-traffic sporting events to increase the platform's market share. By mitigating the risk of a first-time loss, the company aims to attract bettors to its ecosystem during the NBA Finals and the Major League Baseball season [1, 3].
Under the terms of the offer, new users who sign up and place a first real-money wager of up to $1,500 will receive their full stake back in bonus bets if that wager loses [3]. The offer is specifically highlighted for the NBA Finals matchup between the San Antonio Spurs and the New York Knicks, as well as various MLB games [1, 2].
There are conflicting reports regarding the specific timing of the promotion. CBS Sports said the offer was tied to games on Wednesday [1], while MSN reporting mentioned Friday [4].
"Use the latest BetMGM promo code CBSSPORTS to get $1,500 in bonus bets if your first bet loses," BetMGM promotional text said [1].
To qualify for the incentive, users must register a new account and apply the designated code before placing their initial bet. The bonus is not a guaranteed payout, but a refund provided in the form of bonus bets rather than cash [3].
"New users who sign up and place a first real-money wager of up to $1,500 will receive their full stake back in bonus bets if that wager loses," BetMGM terms said [3].
“New users who sign up and place a first real-money wager of up to $1,500 will receive their full stake back in bonus bets if that wager loses.”
The use of high-value 'risk-free' incentives is a common customer acquisition strategy in the competitive U.S. sports betting market. By offering a $1,500 ceiling, BetMGM is attempting to attract 'high-roller' users during the peak of the NBA postseason, leveraging the popularity of the Spurs and Knicks to drive sign-ups.
