"Mattress Mack" Bet $1 Million On Houston Cougars To Win NCAA TournamentHouston-Area Furniture Mogul Bet On The Hometown College To Win It All At 9-1 Odds |
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It doesn’t look like there is a sporting event that Jim “Mattress Mack” McIngvale won’t bet on. The Houston-area furniture mogul made another seven-figure wager, but this time on the NCAA men’s basketball tournament.
According to a report from ESPN Chalk, McIngvale flew from Texas to Colorado last Friday to log into his DraftKings account and bet $1 million that the University of Houston Cougars would win the tournament. The bet was offered at 9-1 odds, meaning if McIngvale wins this bet, his DraftKings account would be $9 million richer.
McIngvale has become a bit of a character in the sports betting world as he’ll link his business with his love of sports gambling. He initially gained notoriety in the sports betting community in the fall of 2019 when he wagered $13 million on the Houston Astros to win the World Series. The Washington Nationals defeated the Astros in seven games.
He made the bets as a hedge against a promotion he ran at his furniture stores, which offered customers a full refund on all mattress purchases more than $3,000 if the Astros won it all. He ran a similar promotion in lieu of the 2021 Super Bowl. McIngvale offered the same proposition to his customers if the Tampa Buccaneers defeated the Kansas City Chiefs in the Super Bowl.
McIngvale bet $3.46 million on the team from Tampa Bay to offset any potential refunds. The Buccaneers won by a final score of 31-9.
He currently doesn’t have a promotion running at his store, but that doesn’t mean it will stay that way. McIngvale told ESPN that he made the bet partly because he was thinking about starting one, this way, he would already be hedged against it.
“I wanted to get ahead of it in case I decided to do a promotion,” said McIngvale. “After looking at the bracket, I think U of H has as good [a chance] as anybody to make it through the Final Four, so it’s an exciting time for all of Houston.”
The Cougars defeated the Syracuse University Orange over the weekend in the Sweet 16 and are one win away from a Final Four appearance. They are scheduled to play Oregon State Monday evening in the Elite 8.
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