Houston retail magnate Jim “Mattress Mack” McIngvale is on a rather rough losing streak.
After losing a $1 million bet on the Houston Cougars to win the men’s basketball national championship last April, he was at it again with a $2.4 million wager on Essential Quality to win the Kentucky Derby. That one also missed.
On Tuesday night, as his hometown Houston Astros lost the World Series to the Atlanta Braves in six games, Mack waved goodbye to another $3.25 million. That total was a combination of wagers placed at multiple sportsbooks, including a $2 million ticket at William Hill with a payout of $22 million — which would’ve been a U.S. record if it hit. Had the Astros been able to pull off a comeback and win the series in seven games, Mack would’ve earned a combined $35.6 million.
He just wouldn’t have been able to keep the majority of it.
Mattress Mack a nosebleed stakes marketer.
1. Run promotion at his store. In this case, spend $3K+ & get your money back if Bucs win.
2. Make massive "bet" & make it VERY public, generating ton of free publicity for store.
Mack is able to place such massive bets because of a promotion he runs at his regional stores. Typically the way it works involves Mack offering a full refund to anyone who spends $3,000 or more at his stores if the team he bets on wins. Mack then uses the payouts from his successful bets to cover the cost of the refund — and still walks away with a large chunk of cash.
Which is why his decision not hedge his bets looms particularly large today.
'Not in a 1,000 years will I change my stance'
Mattress Mack hasn't changed his mind on hedging his record-breaking Astros bet pic.twitter.com/xGDu3YNhy0
For everyone getting ready to call Mattress Mack a loser: The truth is he wins plenty with the Braves.
Lost $3.25 million insurance bet, but motivated people to buy $25 million worth of mattresses. Based on 40-60% margin, he probably nets between $6M to $8M after all costs.
The 70-year-old previously told The Action Network he would have to payout $20 million in refunds if the Astros won the World Series this year. That would’ve left him with more than $15 million in profit from his wagers.
If there’s anything we know for certain about Mack, the loss won’t stop him from trying again. After all, his most recent major victory came from betting $3.46 million on the Tampa Bay Buccaneers to win the Super Bowl last year. And the NFL playoffs are right around the corner.
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