BetMGM bonus bets: when they expire, how they pay, and what the terms allow

In short: BetMGM Bonus Bets expire 7 days after they are credited under its current offer terms, pay net winnings without the stake, go on one straight bet, parlay or same game parlay, and cannot be cashed out. BetMGM's terms also count hedge betting with bonus funds as bonus abuse — read that before anything else.

BetMGM's rules checked against its own help and terms pages on October 14, 2026 (sources at the bottom of this page). Offers and terms change, so read the offer in the app before you bet. 21+ only, and only where BetMGM is licensed.

When BetMGM bonus bets expire

BetMGM's current offer terms say Bonus Bets must be used within seven days of being credited to your account, and its own guide to bonus bets says the same. Its general terms add that a Bonus Bet must be used within the time frame displayed on screen, so the date on the token is the one that counts.

How a BetMGM Bonus Bet pays

BetMGM's general terms define Bonus Bet winnings as the Bonus Bet value times the odds, minus the Bonus Bet value — in other words, profit only. Its offer terms say the stake amount is not credited, only the net winnings. BetMGM's own example: a $20 Bonus Bet at −120 pays $16.67. The Bonus Bet itself cannot be withdrawn.

One bet, in full: each Bonus Bet is used once, as one straight bet, one parlay or one same game parlay, and cannot be split.
Excluded: multiple single bets, round robins and bankers. Bonus Bets are for sports and live betting only.
Minimum odds: there is no single house figure, but any minimum odds on a betting option also apply to Bonus Bets used on it.
No cash out: Cash Out is not available for bets placed with Bonus Bets.

BetMGM's refund offer and Odds Boosts

BetMGM's current first-bet offer refunds a losing first bet as Bonus Bets equal to the stake, up to the offer's cap; above $50 the refund arrives as five equal Bonus Bets. Cashing out or editing the first bet makes it ineligible. Its offer lists also name Bet Insurance and No Sweat tokens.

An Odds Boost raises the odds on one single or one parlay (not a same game parlay); BetMGM's example is +100 boosted 25% to +125. Its terms say the winnings and the boost winnings are paid in cash, and Cash Out or Edit My Bet uses up the boost.

BetMGM's terms on hedging bonus funds

This is the rule that sets BetMGM apart. Its general terms define bonus abuse to include low-margin betting, equal betting, zero-risk bets, wagering on both sides of an event, and hedge betting in relation to bonus funds — and they say Bonus Bets count as bonuses when abuse is assessed. The listed consequences include withheld winnings and voided wagers.

So this page does not walk through a hedged conversion for BetMGM. Used within those terms, a Bonus Bet is bet on its own at plus money, and its value is an average over many bets rather than a locked amount. The example below works that out.

Worked example: what a $50.00 BetMGM Bonus Bet is worth

Bonus Bet: $50.00 on Team A at +275 (decimal 3.75). If it wins it pays $137.50; the stake is not returned.

The other side is −330 (decimal 1.303). With the margin removed from the two prices, Team A's fair chance is 25.8%.

Expected value, bet on its own: 25.8% × $137.50 = about $35.46 (70.9% of face value).

The spread of results: $137.50 about 25.8% of the time, $0 the rest. Over many bonus bets the average is what counts.

For comparison, hedging the other side elsewhere would lock about $31.98 (64.0%) — but read what BetMGM's terms say about hedging first (above).

Illustrative prices, not a current offer or a live market. Expected value is an average over many bets, not a promise about this one.

Using a BetMGM bonus bet, step by step

1
Read BetMGM's terms on bonus abuse
BetMGM's general terms count hedge betting in relation to bonus funds as bonus abuse. Decide how you will use the Bonus Bet with those rules in front of you.
2
Check the token
Note the expiry, any minimum odds and any sport or bet-type limits on the Bonus Bet itself; the offer's terms override any general rule.
3
Pick plus money in a tightly priced market
Roughly +250 to +400 in a major-league moneyline, spread or total keeps most of the face value, because the missing stake costs least on longer odds.
4
Check the fair price
Compare the other side's best price across books and de-vig the pair with the free hold calculator, so you know what the bet is really worth.
5
Place it and accept the swings
Most single bonus bets at these odds lose. The value shows over many of them, so log each one and judge the total, not the last result.

Mistakes that cost money at BetMGM

Hedging a BetMGM Bonus Bet without reading §9.2 of its terms, which counts hedging bonus funds as bonus abuse.
Putting a Bonus Bet on a favourite: $20 at −120 pays only $16.67.
Trying to split a Bonus Bet or use it on a round robin.
Expecting to cash out a Bonus Bet wager — BetMGM does not offer it.
Cashing out or editing a first bet that was meant to qualify for the refund offer.
Waiting past the seven days.

Where BetMGM is available

Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, Washington, D.C., West Virginia and Wyoming.

The BetMGM terms quoted on this page are its Pennsylvania general terms and its Pennsylvania and Virginia offer terms; other states can differ. This is the state list TrueEdge's own catalogue uses to decide which books it shows you. Licences change: the book's app checks your location before it takes a bet, and that check is the one that counts. You must be 21 or older and physically in a state where the book is licensed.

Tools for this

Hedge calculator — free; its Bonus bet tab sizes the hedge for a BetMGM bonus bet
Promo optimizer — searches live prices at the books you hold for the best conversion, with both stakes worked out
How to convert bonus bets to cash — the method at any book, with the formula
How to use a no sweat bet — hedge sizing when the refund comes back as a bonus bet
TrueEdge plans — the promo optimizer is part of the TrueEdge plan, $79.99 a month or $63.99 a month billed yearly, and a new account can start with a 7-day free trial

Frequently asked questions

Do BetMGM bonus bets expire?

Yes. BetMGM's current offer terms say Bonus Bets must be used within seven days of being credited, and its general terms point to the time frame displayed on screen.

Do BetMGM bonus bets return the stake?

No. BetMGM pays the Bonus Bet value times the odds, minus the Bonus Bet value: a $20 Bonus Bet at −120 pays $16.67.

Can you use a BetMGM bonus bet on a parlay?

Yes. Each Bonus Bet can be placed as one straight bet, one parlay or one same game parlay, but not split or used on round robins.

Can you cash out a BetMGM bonus bet?

No. BetMGM's terms say Cash Out is not available for bets placed as Bonus Bets.

Can you hedge BetMGM bonus bets?

BetMGM's general terms count hedge betting in relation to bonus funds, and betting both sides of an event, as bonus abuse, and say Bonus Bets are bonuses for that purpose.

What is a BetMGM bonus bet worth?

On its own at plus money, typically 60–75% of face value on average, with most single bets losing. It is an estimate that depends on the odds.

Sources

Every rule above about BetMGM comes from these pages of its own, read on October 14, 2026. Addresses are shown rather than linked; open the book's app or site yourself to check them.

BetMGM General Terms and Conditions (Pennsylvania, updated October 6, 2026): https://help.pa.betmgm.com/en/general-information/legal-matters/general-terms-and-conditions
BetMGM offer terms (Pennsylvania): https://www.pa.betmgm.com/en/engage/lan/sports/bet-10-get-150
BetMGM first bet offer terms (Virginia): https://www.va.betmgm.com/en/engage/lan/sports/first-bet-offer
BetMGM: What is a bonus bet: https://sports.betmgm.com/en/blog/what-is-a-bonus-bet-how-to-earn-bonus-bets-betmgm-online-sportsbook-bm03/
BetMGM: promotions and odds boosts: https://sports.betmgm.com/en/blog/latest-sports-betting-promotions-offers-betmgm-2/