Iowa sports bettors can claim a $1,500 First Bet offer plus $50 in Bonus Bets from BetMGM using the code COVERS1550, with the promotion running through Oct. 18, 2026, according to Covers.com. The deal is open to new users in Iowa and more than a dozen other states.
The offer is tied to Tuesday's NHL matchup between the Colorado Avalanche and the Dallas Stars, though the bonus bets can be used on other games throughout the week. A code is required: bettors must enter COVERS1550 during registration or the offer will be voided from the account.
How the BetMGM $1,500 First Bet Works
Here is the simple version. New users make a $10 initial deposit and place a real money wager to activate the welcome bonus. If that first bet loses, BetMGM returns the entire stake, up to $1,500, in bonus bets.
The payout structure depends on the size of the wager. If you bet $50 or more, BetMGM awards five bonus bets, each worth 20% of the qualifying wager. If you wager less than $50, you get one bonus bet.
The example from Covers.com: a bettor who puts $1,500 on Avalanche vs. Stars and loses receives five $300 bonus bets, totaling $1,500. If the first bet wins, the bettor collects winnings as normal, and winning bets are immediately withdrawable.
Key Terms Iowa Bettors Should Know
- A $10 minimum deposit and a real money wager are required to activate the welcome bonus.
- Bonus bets expire after seven days.
- Bonus bets must be wagered before any payout is available, and only winnings are returned, not the bonus itself.
- The $50 in Bonus Bets comes with the same code, and bonus bets do not return the stake when used.
- The offer is available to new users in AZ, CO, DC, IA, IL, IN, LA, KS, KY, MD, NC, OH, TN, VA and WY.
- The claim deadline is Oct. 18, 2026, at 11:59 p.m. ET.
- Users on any self-exclusion list cannot use BetMGM.
What Other Outlets Are Reporting
The bonus structure matches what other major sports betting outlets have reported for BetMGM's current welcome offers.