BetMGM Bonus Code Banks $1,000 Risk-Free for Wednesday Events

The New York Knicks hop the subway to Brooklyn to challenge the Nets for the first time this season at 7:30 p.m. ET.

Whether it be Knicks-Nets or any other game on Wednesday's extensive menu of NBA, NHL, college football or college basketball, two BetMGM bonus code opportunities are available:

• ACTION: New users access a $1,000 risk-free bet to use on any Wednesday game or event.
• ACTIONYARD: An exclusive opportunity for new users in Illinois, Louisiana and Kansas, this promotion scores $200 in free bets if the football team you bet throws for 1+ passing yard. That will come in handy for Wednesday's three CFB matchups — including Northern Illinois-Western Michigan, Kent State-Bowling Green and Buffalo-Central Michigan.

New York does not have any offers available right now. Here's a full list of offers by state.

Risk-Free Bet Preview: Knicks-Nets 

Let's take a quick walk-through of how the risk-free offer with BetMGM works.

Bettors can wager up to $1,000 on any sporting event Wednesday. If the bet wins, they keep the profits and their deposit like any other bet.

If it loses, they will receive the amount lost back in free bets.

The free bets will be split up into smaller increments, so you don't have to use them at once. The size of these increments depends on how much you're being refunded (how much you initially bet).

So, let's use Wednesday's Knicks-Nets game for example. (It's always wise to pounce on promo opportunities by betting longshots. Skeptical? Here's the math on why).

Before we decide a bet to use, let's look at a quick preview to both sides of New York basketball.

Here's some insight from Andrew O'Connor-Watts' game preview:

New York Knicks: +135 at BetMGM

The Knicks have had a difficult schedule of late, going against the Timberwolves, Celtics, 76ers, Hawks, Cavaliers and Milwaukee in their last six games, all teams that made the playoffs last season.

Their record may not show it, but they played all six teams closely for most of those games. Despite going 2-6 SU and ATS in that span, it wasn’t late in the game when things started to break down.

Brooklyn Nets: -160 at BetMGM 

Since Kyrie Irving’s suspension for signal boosting an anti-semitic documentary, the Nets have gone 2-1 SU and 3-0 ATS, with their one loss coming down to the wire in Dallas on Monday.

The offense seems to be rejuvenated since Irving’s departure, although that could have something to do with their class of opponents. They rank seventh in Offensive Rating in the last three games (114.7). Their Defensive Rating is first overall in that span, however Washington and Charlotte both rank in the bottom-third of the league in offense.

Pick: Knicks ML +135

Breaking Down this Promo

OK, suppose you use the risk-free promo to bet $100 on the Knicks to defeat the Nets straight up.

• Knicks win: You win $135, keep your original $100 and have $235 total to do with however you please.
• Nets win: You are replenished with $100 in free bets.

Here's a way to visualize:

If you're looking for more ways to bet Wednesday's hectic NBA schedule, hear what Action Network experts have to suggest:

Free Bets at BetMGM, Explained

You've got $100 in free bets to play with. What now?

Free bets are like credits of a sort. You may use them to place bets, but not withdraw as hard cash. If they win, you keep the profits, but lose, and you're out of second chances.

Just like promo offers, free bets should always be used on plus-money wagers — the expected value you're getting over time is worth it.

Free bets are allocated once your risk-free bet settles. So in the case that the Nets win as per the above example, let's say the game ends before Lakers-Clippers tip-off at 10:00 p.m. ET.

You've got $100 in free bets and an appetite for the full doubleheader on TNT.

Let's say you bet this parlay on Lakers-Clippers with it:

• If this parlay hits, you make $325, but don't keep the original $100. You've profited $225 since your initial deposit.
• If the parlay misses, you have $0.

Here's another visual:

Over a large sample ratio, free bets convert at around 70%. This means that every $100 you have in free bets, you'll get back about $70 on average.

Here's How ACTIONYARD Works

Are you in Kansas, Illinois or Louisiana? ACTIONYARD gets you $200 in free bets, as long as the team you bet throws for a passing yard.

This is a better offer than the $1,000 risk-free, because you only have to risk about $20 to turn it into a few hundred backs.

These same states also have a nearly-identical offer with ACTIONNBA, where you get $200 in free bets if the team you bet hits a single 3-pointer.

Offer Details & Signup

Signing up at BetMGM is simple:

1. Click here to signup.
2. Use ACTION or ACTIONYARD at checkout
3. Enter your personal info. You may be asked for the last four digits of your social security number, which is needed to verify your identity.
4. Deposit at least $10
5. Make your first bet up to $1,000

If you're headed to a state with legal betting this week, you can still sign up and bet. Just use all your real, accurate information, not the hotel you're staying at as an address or your friend's house.