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Crazy BetMGM Promo Allows Bettors to Bet $20 on Any Event, and Win $100 Even if Their Wager Loses

Sascha Paruk

by Sascha Paruk in News

Updated May 17, 2021 · 10:17 AM PDT

LeBron walking
LeBron James could return on Friday after more than a month sidelined by a high ankle sprain. (Photo by PI/Zuma Press/Icon Sportswire)
  • BetMGM’s latest promo allows new bettors apply +500 odds to literally any event on the board
  • The best part: all wagers are paid out as winners, regardless of outcome
  • See if you’re eligible and how to take advantage of what is, in reality, just a giveaway

There is a special incentive to sign-up at BetMGM right now. The sportsbook is offering new bettors a chance to wager on any event at +500 odds. Even if that wager loses, BetMGM will pay it out as a winner.

In other words, BetMGM is giving away money to new customers.

Below, see the terms and conditions, followed by an illustration of the types of wagers you would have to win in order to be paid out at these odds under normal circumstances.

General BetMGM +500 Promo Details

This promo is only available to new customers in the following states: Colorado, Indiana, Iowa, Michigan, New Jersey Pennsylvania, Tennessee, Virginia, and West Virginia.

The promo is also subject to the following restrictions:

  • Limit one wager per (new) customer.
  • The maximum wager is $20 (meaning the maximum payout is $100).
  • All payouts are in the form of bet credits. Bet credits differ from cash: if you make a wager with bet credits and that wager wins, your stake is not returned. Your account is only credited with the winnings.

What Are the Chances of Winning a Normal Bet at +500 Odds?

Just how generous is this offer? When you see a wager at +500 odds, in normal circumstances, the implied probability of that wager winning is just under 17%. The table below shows wagers with comparable odds, along with the implied probability of those odds, to give betting neophytes an idea what +500 odds are usually attached to.

Wagers with Comparable Odds

Proposition Odds Implied Probability
Tyler Glasnow to win AL Cy Young Award +450 18.18%
Parlay: Astros (+170) to beat Yankees (Gerrit Cole pitching) and Phillies (+106) to beat Brewers (Brandon Woodruff pitching) +456 17.99%
KC Royals to win AL Central +470 17.36%
LA Clippers to win 2021 NBA title +500 16.67%
Patrick Cantlay to finish top five at  Wells Fargo Championship +500 16.67%
Phoenix Suns to win Western Conference +650 13.33%

If you want to roll the dice on the Phoenix Suns winning their first conference championship since the Charles Barkley era (1993), that is your prerogative. If you would like a risk-free way to obtain $100 in bet credits, take advantage of this promo.

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