Iowa sports bettors have a limited-time window to claim one of the biggest welcome offers on the market. As of Oct. 18, 2026, new BetMGM users in Iowa can register with the bonus code COVERS1550 to unlock a $1,500 First Bet offer plus $50 in Bonus Bets, tied to Sunday's NFL slate including the Buffalo Bills vs. Las Vegas Raiders.
According to Covers.com, the code is required at registration and must be used before the offer expires at 11:59 p.m. ET on Oct. 18, 2026. Iowans are among the eligible bettors, as the promotion is open to new users in IA along with more than a dozen other states.
How the $1,500 First Bet Offer Works for Iowa Bettors
The structure is straightforward. New users who sign up with the code COVERS1550 and deposit at least $10 can place a first real money wager of up to $1,500 on Bills vs. Raiders or any other NFL game on the Week 6 Sunday slate.
If that first bet loses, BetMGM returns the entire stake back in bonus bets, up to the $1,500 maximum. If the bet wins, the winnings are paid out as normal and are immediately withdrawable.
Covers.com laid out an example: a $1,500 wager that loses returns five bonus bets of $300 each, adding up to the full $1,500. Wagers above $50 are returned as five bonus bets worth 20% of the qualifying wager each, while wagers under $50 return a single bonus bet.
Key Terms Iowans Need to Know Before Signing Up
- The bonus code COVERS1550 must be entered during registration. Leaving it out voids the offer.
- A $10 minimum deposit and a real money wager are required to activate the bonus.
- Bonus bets expire after seven days.
- Only winnings from bonus bets are paid out; the bonus stake itself is not returned.
- The offer must be claimed by 11:59 p.m. ET on Oct. 18, 2026.
- Anyone on a self-exclusion list for gambling cannot use BetMGM.
The $50 in Bonus Bets is awarded on top of the First Bet insurance, which effectively gives new Iowa users two promotions in one.
What Is the BetMGM Bonus Code?
The code is COVERS1550. Sports Illustrated, which reported on a parallel version of the offer, notes that the first-bet insurance applies to any NFL game this Sunday, including Chargers-Chiefs and Cowboys-Packers, with the full stake returned as bonus bets on a loss, up to $1,500. Iowans can also compare that reporting with the details published by