Man Bets $4.5 Million On Bengals From Gas StationFurniture Store Owner Jim "Mattress Mack" McIngvale Hedges Again |
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A Texas furniture store owner has once again made a massive sports bet to hedge on a sports-related promotion at his chain of retail locations and to obtain free press from national media hungry for sports betting content.
Jim “Mattress Mack” McIngvale, who has famously bet millions of dollars on baseball games as well, made the $4.5 million bet last week on the underdog Cincinnati Bengals against the Los Angeles Rams.
Super Bowl LVI will be played on Feb. 13, and sportsbooks are expecting record handle.
According to reports, McIngvale made the wager online from a gas station/convenience store in Louisiana via a regulated sportsbook in the Pelican State. Texas doesn’t have any state-sanctioned sportsbooks. Louisiana began online sports betting earlier this year.
He made the $4.5 million wager on the Bengals because he’s running at promotion at his Texas furniture chain that will award free mattresses if the Bengals win.
Reports estimate his net worth to be about $300 million.
According to a report from CNBC, McIngvale made the bet with a mobile sports gambling product from Las Vegas-based Caesars Entertainment. It took him multiple so-called bet slips to get the full $4.5 million down due to apparent issues with Caesars.
McIngvale and Caesars received coverage from CNBC despite the network’s parent company having a financial stake in a rival sportsbook to Caesars.
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