‘Mattress Mack’ Loses Big On Astros Sports Bet$7.9 Million In Wagers Offered Chance At $51 Million |
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The Texas Rangers’ Game 7 victory in MLB’s American League Championship on Monday not only left Houston Astros fans disappointed, but also proved costly for the city’s well-known sports bettor and furniture salesman, Jim “Mattress Mack” McIngvale.
The owner of the Gallery Furniture chain is known for regularly making massive wagers, often involving a Houston team, to help promote his business. That didn’t pay off on the Astros this year, and McIngvale lost wagers totaling at least $7.9 million when the Rangers secured the 11-4 win.
Missed Opportunity At Mega Payout
Not only did McIngvale strike out on the Astros bet, but he missed out on a colossal return. The business owner had wagers with several books that would have rewarded him with almost $51 million had the team gone on to win the World Series.
That included a late-season wager when it looked like the team might not even make the playoffs. Here is a look at all his bets, according to CBS Sports:
Betting For Business
When wagering the hefty sums, McIngvale usually hedges the betting with some major furniture promotions. Those purchasing a mattress often have a chance to recoup their cash if the wagers come through.
The extra purchases as part of the promotion help offset the cost of the wager. If the wager pans out, the winnings help fund those free mattresses – hence the “Mattress Mack” nickname. Those purchasing this year, however, won’t be getting the rebate.
“Sometimes you get rained out, and you don’t look back,” McIngvale told a reporter with Vegas Insider.
Despite the losses, McIngvale is still doing pretty well over the last two years. After the Astros won the World Series last season, Mattress Mack collected a record $75 million.
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