Iowa bettors have a deadline to circle: new customers who sign up with the BetMGM bonus code COVERS1550 can claim a $1,500 First Bet offer plus $50 in Bonus Bets, but the promotion must be claimed by 11:59 p.m. ET on Oct. 18, 2026. The offer is tied to this weekend's Alabama vs. Tennessee matchup, and Iowa is one of the states where it is available.
The deal works like this: a $10 initial deposit and a real money wager activate both offers. If that first bet loses, BetMGM returns the full stake, up to $1,500, in bonus bets. The extra $50 in Bonus Bets is credited alongside the First Bet offer. A code is required at registration, so the COVERS1550 bonus code has to be entered during sign-up, according to Covers.com.
Which states can use the BetMGM bonus code?
The welcome offer is open to new users in Arizona, Colorado, Washington, D.C., Iowa, Illinois, Indiana, Louisiana, Kansas, Kentucky, Maryland, North Carolina, Ohio, Tennessee, Virginia and Wyoming. Iowa residents have been able to claim BetMGM promos under the state's regulated sports betting framework since it launched, and this offer follows the same pattern as the earlier BetMGM first bet offer for Iowa bettors.
Users on any self-exclusion list for gambling cannot use BetMGM, and bonus bets expire after seven days, a detail worth noting for anyone planning to stretch the offer across multiple games.
How the $1,500 first bet payout is structured
If you wager more than $50, BetMGM awards five bonus bets, each worth 20% of the qualifying wager. If you wager less than $50, you receive one bonus bet equal to your original stake. A losing $1,500 wager would return five $300 bonus bets, totaling $1,500.
That structure is not unique to this weekend. CBS Sports reported that the same split applies across BetMGM welcome offers: bets of $49 or less generate one bonus bet equal to the original stake, while bets of $50 or more generate five tokens worth 20% of the initial bet each, according to CBS Sports.
Bonus bets must be wagered before any payout is available, and only the winnings from a bonus bet are returned, not the bonus itself. If the first wager wins, the winnings are immediately withdrawable.
Alabama vs. Tennessee betting angle
The offer arrives with the Crimson Tide favored by 8.5 points at -108, a line that has drawn attention heading into the SEC matchup. Covers.com analyst Rob Paul backs Alabama to cover, pointing to the Tide averaging 40 points per game against Power Four defenses ranked outside the top five by SP+, and to Tennessee's quarterback issues and recent scoring struggles against Arkansas.
A winning $10 wager at -108 returns roughly $9.26 in profit. A loss returns the full $10 stake in bonus bets under the welcome offer, which is the part of the promotion most new bettors focus on.
How to claim both offers
- Download the BetMGM app and register as a new user.
- Enter personal information, including name, address, email and phone number.
- Enter the BetMGM bonus code COVERS1550 during sign-up.
- Deposit at least $10 using a preferred payment method.
- Place a first wager on Alabama vs. Tennessee.
- Receive $50 in Bonus Bets, plus bonus bets back if the first wager loses.
The code is required, and skipping it during registration forfeits the offer. State-specific terms apply, and the welcome offer varies by state: up to $1,500 in bonus bets if the first bet loses, or $150 in bonus bets if the qualifying $10 first bet wins.
Responsible gambling tools at BetMGM
BetMGM partners with GameSense to provide responsible gambling resources. The operator offers deposit limits and self-exclusion periods, along with access to national and state-level organizations that specialize in gambling support. Those services are confidential, and many are available 24/7.
Iowa bettors who want to compare this offer against other operators can review current sportsbook promotions before the Oct. 18 deadline. After that, the COVERS1550 offer closes and the next round of welcome bonuses takes its place.
FAQ
What is the BetMGM bonus code for Alabama vs. Tennessee?
The code is COVERS1550. It must be entered during registration to unlock the $1,500 First Bet offer and the additional $50 in Bonus Bets.
When does the BetMGM offer expire?
The offer must be claimed by 11:59 p.m. ET on Oct. 18, 2026. Bonus bets awarded under the promotion expire seven days after they are credited.
Can Iowa residents use the BetMGM bonus code?
Yes. Iowa is one of 15 eligible jurisdictions for the offer, along with Arizona, Colorado, Washington, D.C., Illinois, Indiana, Louisiana, Kansas, Kentucky, Maryland, North Carolina, Ohio, Tennessee, Virginia and Wyoming.
How much do I need to deposit to claim the offer?
A minimum $10 initial deposit and a real money wager are required to activate the welcome bonus.