- Mattress Mack has bet a total of $10 million on the Houston Astros to win the World Series.
- He’s hedged his bet with a promotion at his furniture store in Houston.
Mattress Mack is at it again.
Jim McIngvale, the Texas furniture salesman who famously hedges sports bets with furniture promotions, said he has placed a total of $10 million of bets on his beloved Houston Astros in this year’s World Series. And if he wins, the payout would be a historic $75 million.
“Winning the bet is very important, but more importantly, winning the bets allows us to give money back to all of our customers who bought about $75 million worth of furniture,” McIngvale told CNBC.
Game 1 between the Astros and the underdog Philadelphia Phillies is scheduled for Friday night. “The excitement is real here in Houston,” he said.
McIngvale, 71, is the owner of Gallery Furniture in Houston. As part of a marketing campaign, he routinely offers his customers a special promotion around key sporting events. This time, If you spend $3,000 or more on a mattress, your purchase is free – if the Astros win.
“If the bet hits, then I’ll get the $10 million in capital back that I invested, so I don’t have any costs in the promotion,” he said. “And if the Phillies win, then I’m out the $10 million, so I have a vested interest in this either way, but my real interest in making sure the customers win,” he added.
“This would be the biggest payout in the history of any sports bet, anytime, anywhere,” said Ken Fuchs, Caesars’ head of sportsbook. Mack placed the largest of his World Series bets, $3 million, on May 13 with Caesars at 10-1 on the Astros to win.
McIngvale said he’s also working with Caesars and Sealy Mattress to provide new mattresses to first responders, military veterans and active duty military members in Houston and Philadelphia as a way to celebrate his historic bet and give back to the local communities.
His World Series bets have taken him all over the country, as sports gambling is not legal in his home state of Texas, he said.
“I don’t think Texas will legalize sports betting or casino betting during my lifetime, but it could happen. But right now going to Louisiana is not that much of an imposition, flying to Iowa and then find the Las Vegas all night long, that’s a little different story,” he said.
In 2017, when the Astros won the World Series, Mack doled out millions in refunds. Earlier this year, he lost more than $9 million when the Los Angeles Rams beat the Cincinnati Bengals in the Super Bowl.
Source: Business - cnbc.com
