Sports bettors in Iowa can claim a BetMGM welcome offer worth up to $1,500 in bonus bets plus $50 in extra bonus bets as of Friday, Oct. 16, using the bonus code COVERS1550. The promo is tied to the Memphis vs. Tulane college football game and is available to new users in Iowa and 14 other jurisdictions.
According to Covers.com, the offer requires registration with the code COVERS1550, a minimum $10 deposit, and a real money wager to activate. If the first bet loses, BetMGM returns the entire stake, up to $1,500, in bonus bets. If the first bet wins, winnings are immediately withdrawable, and the account still receives the $50 in bonus bets.
How the $1,500 First Bet Offer Works for Memphis vs. Tulane
The mechanics are straightforward. A qualifying wager of more than $50 that loses comes back as five bonus bets, each worth 20 percent of the original stake. For example, a $1,500 losing wager returns five $300 bonus bets. A qualifying wager under $50 that loses returns a single bonus bet.
According to Covers.com, the offer is live in AZ, CO, DC, IA, IL, IN, LA, KS, KY, MD, NC, OH, TN, VA and WY. SportsLine reports that BetMGM's welcome offer stands apart from five other major sportsbook bonuses because it is the only one that returns up to $1,500 in bonus bets when a first bet loses.
Key Terms Bettors Should Know Before Signing Up
Covers.com lists several conditions that come with the promo:
- The code COVERS1550 must be entered at registration; skipping it voids the offer on the account.
- A $10 minimum deposit is required.
- Bonus bets expire after seven days.
- Bonus bets must be wagered before any payout, and only winnings are returned, not the bonus itself.
- The offer must be claimed by Oct. 18, 2026, at 11:59 p.m. ET.
- Anyone on a self-exclusion list for gambling cannot use BetMGM.
Where the Experts Stand on Memphis vs. Tulane
Covers.com's analysts are split on the game. Chris Gregory recommends Memphis -6.5, pointing to a Tigers rushing attack that ranks seventh nationally in yards per carry and yards per game against a Tulane defense ranked 112th in opponent yards per carry and 129th in rushing yards allowed per game. A $1,500 wager on Memphis -6.5 at standard -110 odds would return roughly $1,364 in profit on a win.
Geoff Clark backs the other side, taking Tulane +6.5, playable down to +5.5. He argues Memphis struggles to stop the run and limit explosive plays, which gives the Green Wave multiple paths to stay within the number.
Iowa Bettors Have Options This College Football Weekend
The BetMGM promo lands in the middle of a busy Week 7 slate, and Iowa fans tracking the Big Ten have plenty to chew on beyond the AAC matchup. Readers looking for other offers can compare the