diff --git a/r2/r2/lib/pages/pages.py b/r2/r2/lib/pages/pages.py
index fbc522c1f..d69012f73 100644
--- a/r2/r2/lib/pages/pages.py
+++ b/r2/r2/lib/pages/pages.py
@@ -3517,6 +3517,7 @@ class PromoteLinkForm(Templated):
         self.promotion_log = PromotionLog.get(link)
 
         self.min_bid = 0 if c.user_is_sponsor else g.min_promote_bid
+        self.default_bid = 50.
 
         self.priorities = [(p.name, p.text, p.description, p.default, p.inventory_override, p.cpm)
                            for p in sorted(PROMOTE_PRIORITIES.values(), key=lambda p: p.value)]
diff --git a/r2/r2/public/static/js/sponsored.js b/r2/r2/public/static/js/sponsored.js
index 2ffb5aa40..f644fe928 100644
--- a/r2/r2/public/static/js/sponsored.js
+++ b/r2/r2/public/static/js/sponsored.js
@@ -684,7 +684,7 @@ function create_campaign() {
         return;
     }
     cancel_edit(function() {;
-            var minBid = $("#bid").data("min_bid")
+            var defaultBid = $("#bid").data("default_bid")
 
             init_startdate();
             init_enddate();
@@ -696,7 +696,7 @@ function create_campaign() {
                 .find('input[name="sr"]').val('').prop("disabled", "disabled").end()
                 .find('input[name="targeting"][value="none"]').prop("checked", "checked").end()
                 .find('input[name="priority"][data-default="true"]').prop("checked", "checked").end()
-                .find('input[name="bid"]').val(minBid * 5).end()
+                .find('input[name="bid"]').val(defaultBid).end()
                 .find(".targeting").hide().end()
                 .find('select[name="country"]').val('').end()
                 .find('select[name="region"]').hide().end()
diff --git a/r2/r2/templates/promotelinkform.html b/r2/r2/templates/promotelinkform.html
index b8241f62d..5d50edfef 100644
--- a/r2/r2/templates/promotelinkform.html
+++ b/r2/r2/templates/promotelinkform.html
@@ -369,7 +369,8 @@ ${self.javascript_setup()}
                       style="width:auto"
                       onchange="r.sponsored.on_bid_change()"
                       onkeyup="r.sponsored.on_bid_change()"
-                      value="${format_decimal(5 * thing.min_bid, format='.00', locale=c.locale)}"
+                      value="${'%.2f' % thing.default_bid}"
+                      data-default_bid="${thing.default_bid}"
                       data-min_bid="${thing.min_bid}"
                       data-base_cpm="${thing.author.cpm_selfserve_pennies}"
                       data-geotarget_country_cpm="${g.cpm_selfserve_geotarget_country.pennies}"