Duke's Paolo Banchero was the odds-on favorite to go No. 1 overall in tonight's NBA Draft.  Until he wasn't. Next, it was Gonzaga's Chet Holmgren. Then, Auburn's Jabari Smith Jr. The Orlando Magic are on the clock and it remains anyone's guess as to which direction they will go. But you can take the worry about wagering on the No. 1 pick at BetMGM if you sign-up using the BetMGM bonus code REALGM.

The online sportsbook's popular welcome offer unlocks a risk-free first bet up to $1,000, meaning if you wager the draft – and the Magic go in a different direction – you get a virtual do-over.

The $1,000 insurance policy is one of the highest offered by any on the sports betting apps.

BetMGM Bonus Code Has Your Back

Risk-free bet welcome offers, like all the best sportsbook promo codes, have their highlight-reel benefits.

Along with the customary advantages, BetMGM’s welcome bonus offers something most risk-free bet sign-up promotions don’t. The online sportsbook pays out losing first bets of over $50 with five equal free-bet tokens. The five free-bet tokens are deposited into your account within 24 hours of the initial losing bet being settled.

Those free-bet tokens are used as the stake on five follow-up bets, providing more opportunities to increase your bankroll.

Most online sportsbooks refund the entire stake, no matter the amount, as a single free-bet token, all of which must be invested on the next bet. That is also the case with this particular welcome offer on losing initial wagers of $49 or less.

You must first sign up using BetMGM bonus code REALGM to redeem the $1,000 risk-free bet welcome offer. Click the BET NOW link on this page, hit REGISTER and complete the sign-up process. You must be 21 or older and located in a state where BetMGM operates.

After depositing at least $10, make your qualifying wager. If that bet loses, you’ll receive the whole stake back, up to a $1,000 maximum.

Alternatively, while still applying BetMGM bonus code REALGM, you can sign up using BetMGM’s sports betting app.

Bettors have 30 days to submit a qualifying wager after creating an account. They must also invest the site credit within seven days.

Consolation Prize on Losing Parlays

Don’t you wish every parlay that only missed by a single leg received some sort of consolation prize?

Bettors certainly deserve something on four-to-seven-leg parlays that fall short by just a single leg. BetMGM has you covered on all-things parlay, offering a refund up to $25 on complex four-to-seven-leg parlays that miss the mark by a single leg.

The offer is available until the end of the Stanley Cup Finals for NHL betting purposes and the culmination of the MLB regular season in October for baseball wagering.

BetMGM deposits the refund into your account as a single free-bet token once the eligible bet is settled.

You have seven days to invest the free-bet token on the subsequent bet. Only the winnings are paid out on bets utilizing the free-bet token as the stake.

The BetMGM bonus code REALGM cannot be applied to this offer.

Boost Your Parlay Wins Up To 40 Percent

While an insurance policy on losing parlays offers peace of mind, it’s altogether better when your four-to-seven-leg accumulators win.

BetMGM rewards those winners with a profit boost of up to 40 percent. The percentage boost, based on the winning wager’s number of legs, ranges from 15 to 40 percent.

Minimum four-leg parlays receive a 15 percent boost and winning five-leg accumulators get you an additional 20 percent. A 30 percent bonus accompanies winning six-leg parlays, while the 40 percent blue whale bonus is rightly reserved for victorious seven-leg parlays.

You need an existing BetMGM account to partake in the parlay boost offer. Sign up using BetMGM bonus code REALGM. It guarantees access to the showcase $1,000 risk-free bet welcome offer.