BetMGM is offering new customers up to $1,500 in bonus bets through the promo code COVERS, timed to coincide with high-profile NHL matchups including the New York Islanders vs. St. Louis Blues and the Edmonton Oilers vs. Colorado Avalanche. The promotion requires a minimum $10 deposit, targets bettors in most U.S. states, and structures its insurance payout as five separate bonus bets each worth 20% of the original losing stake.
BetMGM Bonus Code COVERS Delivers Up to $1,500 in Bonus Bets on NHL Games
How the COVERS Promo Code Actually Works
New BetMGM customers who enter the bonus code COVERS at registration receive a first-bet insurance offer worth up to $1,500. The mechanics are straightforward: if your opening wager loses and the stake exceeded $50, BetMGM credits your account with five bonus bets, each equal to 20% of the original wager amount. A $200 first bet that loses, for example, returns five bonus bets of $40 each.
Bettors whose first wager falls at or below $50 and loses receive a single bonus bet equal to the full stake. This tiered structure means higher-stakes bettors get more flexibility in how they deploy their returned value across multiple markets. All bonus bets carry a seven-day expiration window from the date of issue, so timing your qualifying bet matters.
The minimum deposit to activate the offer is $10, which is among the lowest entry thresholds in the current U.S. sportsbook market. BetMGM operates under licenses in more than 20 U.S. states, though residents of Mississippi, New York, and a small number of other jurisdictions cannot access this specific welcome promotion [1].
Which NHL Games Qualify for the Promotion
BetMGM has positioned this offer around the current NHL schedule, with the Islanders vs. Blues and Oilers vs. Avalanche specifically highlighted as qualifying matchups. Any standard bet type on these games, including moneylines, puck lines, and totals, counts as an eligible first wager. The promotion is not restricted to those two games alone; any NHL market on BetMGM qualifies as the first bet.
The Oilers vs. Avalanche matchup draws particular attention given Edmonton’s Stanley Cup contender status entering the 2024-25 season and Colorado’s historically potent offense led by Nathan MacKinnon, the 2024 Hart Trophy winner. High-profile games like these generate significantly more betting handle than regular-season contests, making them logical anchors for a major welcome promotion. According to the American Gaming Association, Americans legally wagered over $119 billion on sports in 2023, with hockey representing a growing share of that total [2].
What the $1,500 Offer Means for New NHL Bettors Right Now
Who Benefits Most from the Five-Bet Return Structure
The five-bonus-bet payout structure benefits bettors who prefer spreading risk across multiple games rather than doubling down on a single market. A bettor who stakes $500 on the Oilers moneyline and loses receives five $100 bonus bets, which can be applied to separate NHL games, player props, or even other sports available on BetMGM’s platform. This approach reduces the all-or-nothing pressure that single-bet insurance offers create.
Recreational bettors placing their first legal wager often underestimate the value of structured insurance. Receiving five discrete bets rather than one lump-sum credit gives new users more opportunities to learn the platform’s interface and bet-slip mechanics before their bonus value expires. The seven-day clock starts from the moment BetMGM credits the bonus bets, not from the date of the qualifying loss, giving bettors a clear planning window.
State availability shapes who can realistically claim this offer. New York, despite being one of the largest legal sports betting markets in the country with over $2 billion in handle recorded in January 2024 alone, is excluded from this particular BetMGM promotion due to state-specific regulatory requirements [2].
Practical Steps to Claim the COVERS Bonus Code
Claiming the offer requires four steps: create a new BetMGM account, enter the code COVERS in the promo code field during registration, deposit at least $10, and place your first real-money wager on any eligible market. BetMGM typically credits bonus bets within 24 hours of a qualifying loss settling. Users should verify their state’s eligibility before depositing, as BetMGM’s terms and conditions page lists all excluded jurisdictions [1].
Bonus bets at BetMGM do not return the stake portion when they win, only the profit. A $100 bonus bet placed at +200 odds returns $200 in cash, not $300. Understanding this distinction helps bettors calculate the real expected value of their bonus allocation before placing any of the five credited bets.
BetMGM vs. Competing NHL Sportsbook Promos in 2025
| Sportsbook | Welcome Offer | Bonus Bet Expiry |
|---|---|---|
| BetMGM (Code: COVERS) | Up to $1,500 first-bet insurance | 7 days |
| DraftKings | Bet $5, Get $150 in bonus bets | 7 days |
| FanDuel | Up to $1,000 no-sweat first bet | 14 days |
| Caesars Sportsbook | Up to $1,000 first-bet bonus | 14 days |
BetMGM’s $1,500 ceiling is the highest first-bet insurance cap among major U.S. sportsbooks currently active in the NHL betting market. The tradeoff is the seven-day expiry, which is shorter than FanDuel’s 14-day window and Caesars’ comparable 14-day period. For bettors who plan to use bonus credits quickly across a busy NHL schedule, the shorter window poses little practical obstacle.
BetMGM, operated by Entain and MGM Resorts International, held approximately 20% of the U.S. online sports betting market share as of Q3 2024, making it the second-largest operator behind FanDuel by revenue [2]. Its partnership with Covers.com, one of North America’s most-visited sports betting information sites, reflects a broader industry strategy of using editorial platforms to distribute promo codes to engaged audiences.
The NHL itself has leaned into legal sports betting partnerships aggressively since the Supreme Court’s 2018 Murphy v. NCAA ruling opened the door for state-by-state legalization. The league signed official sports betting partnerships with BetMGM, DraftKings, and FanDuel, generating sponsorship revenue that the NHL’s commissioner Gary Bettman described in 2023 as a “significant and growing” revenue stream for franchises [3].
Covers.com, the source domain distributing this particular promo code, has operated as a sports betting resource since 1995 and attracts millions of monthly visitors seeking odds comparisons, expert picks, and sportsbook reviews. Its distribution of the COVERS code gives BetMGM direct access to an audience already primed to place real-money wagers [1].
What Crypto Gamblers Should Know About Traditional Sportsbook Bonuses
Crypto casino users familiar with deposit match bonuses and wagering requirements will recognize the structural logic behind BetMGM’s offer, even though this is a fiat-based sportsbook promotion rather than a crypto platform deal. The core mechanic, receiving bonus value contingent on a losing first bet, mirrors the loss-rebate promotions common on crypto gambling platforms, where a percentage of net losses during a set period returns as site credits.
One key difference worth noting: crypto sportsbooks and casinos operating offshore often offer higher bonus ceilings and looser wagering requirements than regulated U.S. sportsbooks, but they operate outside state licensing frameworks. BetMGM’s COVERS offer, by contrast, comes from a fully licensed operator subject to state gaming commission oversight, which provides consumer protections including dispute resolution and responsible gambling tools that offshore platforms typically do not match. Bettors who value regulatory accountability alongside bonus value will find the licensed sportsbook model more aligned with their risk tolerance.
Key Takeaways
- The BetMGM bonus code COVERS provides up to $1,500 in first-bet insurance for new customers depositing at least $10.
- Losing first bets over $50 return five separate bonus bets, each equal to 20% of the original stake, expiring after seven days.
- The promotion applies to NHL games including Islanders vs. Blues and Oilers vs. Avalanche, as well as all other eligible BetMGM markets.
- New York, Mississippi, and select other states are excluded from this specific BetMGM welcome offer due to state regulatory rules.
- BetMGM held roughly 20% of the U.S. online sports betting market share as of Q3 2024, ranking second nationally by revenue.
- Bonus bets at BetMGM return only the profit on a win, not the bonus stake itself, a critical distinction when calculating expected value.
- Covers.com, which has distributed sports betting information since 1995, is the partner platform through which the COVERS code is promoted.
Frequently Asked Questions
What is the BetMGM bonus code COVERS and how do I use it?
The BetMGM bonus code COVERS is a promo code that activates a first-bet insurance offer worth up to $1,500 for new customers. Enter the code during account registration, deposit at least $10, and place your first real-money bet. If that bet loses and was over $50, BetMGM credits five bonus bets each worth 20% of your stake within 24 hours of the wager settling [1].
Can I use the COVERS BetMGM code in New York?
No. New York residents are excluded from this specific BetMGM welcome promotion due to state-level regulatory restrictions. New York is one of the highest-volume legal sports betting states in the U.S., recording over $2 billion in handle in January 2024, but its gaming regulations limit certain promotional structures that operators can offer [2].
Do BetMGM bonus bets include the stake when they win?
No. When a bonus bet wins at BetMGM, you receive only the profit portion of the payout, not the bonus stake itself. For example, a $100 bonus bet placed at +150 odds returns $150 in cash winnings, not $250. This is standard practice across most major U.S. licensed sportsbooks and should factor into how you select odds when using bonus credits.
Which NHL games qualify for the BetMGM COVERS promo?
Any NHL game available on BetMGM qualifies as the first bet for this promotion. The Islanders vs. Blues and Oilers vs. Avalanche matchups are specifically highlighted in current promotional materials from Covers.com, but the offer is not limited to those games. Moneylines, puck lines, totals, and player props on any NHL contest all count as eligible first wagers [1].
The Bottom Line
BetMGM’s COVERS promo code offer represents one of the most competitive NHL welcome bonuses available in the current U.S. market, with a $1,500 insurance ceiling that exceeds most rival sportsbooks. The five-bet return structure for losses over $50 gives new users more strategic flexibility than single-credit alternatives, and the $10 minimum deposit keeps the barrier to entry low for first-time legal bettors.
The timing against marquee NHL games like Oilers vs. Avalanche is deliberate. High-interest matchups drive first-time registrations, and BetMGM’s partnership with Covers.com ensures the code reaches an audience that already understands sports betting markets. For bettors in eligible states ready to open their first BetMGM account, the COVERS code delivers genuine upside on a losing first bet, provided they use the five returned bonus bets before the seven-day clock expires.
Legal sports betting in the U.S. continues to mature rapidly, and welcome offers are becoming more sophisticated in their structure. The shift from simple deposit matches to tiered, multi-bet insurance payouts signals that sportsbooks now compete as much on bonus mechanics as on odds quality. Bettors who understand those mechanics hold a real edge over those who simply chase the largest headline number.
Claim the BetMGM COVERS Code Before Your First NHL Bet
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Sources
- Covers.com – Source of the BetMGM COVERS bonus code promotion details, eligible states, and NHL game-specific offer terms.
- Covers.com – U.S. legal sports betting market data, state handle figures, and BetMGM market share context referenced throughout the article.
- Covers.com – NHL official sports betting partnership background and league commissioner statements on betting revenue growth.
