‘Mattress Mack’ Loses Big Wagering on Houston Astros
Houston furniture magnate Jim “Mattress Mack” McIngvale, known for his high-stakes sports betting, faced a multimillion loss after the Houston Astros were defeated by the Texas Rangers in Game 7 of the American League Championship Series (ALCS).
McIngvale, 72, placed at least five futures wagers on this year’s Astros, starting in March and totaling $7.9 million, with potential payouts of approximately $50.9 million. Unfortunately for Mack, the Astros were eliminated in an 11-4 loss to the Rangers.
The mattress store owner puts out offers each year, wherein customers who make a one-time purchase of $3,000 from his stores get their money back if the Astros won.
Last year’s historic $75 million payday when the Astros won the 2022 World Series contained the biggest single wagering win in U.S. sports betting history, which Mack collected, in cash, from Caesars Palace in Las Vegas.
The Business Side of Betting
McIngvale’s bets are not just about the thrill of gambling and his love for his hometown team. They also serve as business hedges for furniture giveaways at his stores.
To participate in Gallery Furniture’s ‘Win it All Mattress Promotion’ in 2023, customers were required to purchase $3,000 or more in Tempur-Pedic, Sealy, or Stearns & Foster mattresses, box springs, and/or adjustable bases. If the Astros had won, all participants would have received 100% of their purchase back. Unfortunately for them, Mack’s reported $8 million in bets on the Astros this year did not come through.
In 2022, he turned $10 million worth of bets across retail sportsbooks in Iowa, Louisiana, and Nevada into a $75 million payday on the Astros. Nevada retail sportsbooks at famous Las Vegas casino venues like Caesars Palace and ARIA Resort and Casino were raided by Mack to the tune of some $40 million.
At Caesars, the furniture entrepreneur turned up with a wheelbarrow to collect his $30 million payout in cash.
The Impact on Sportsbooks
However, the famous Nevada casino venues clawed back $4.9 million this year from three Mattress Mack bets. Caesars Palace took two wagers, and two were made at Caesars Sportsbook’s online service (from outside Texas).
DraftKings and FanDuel also accepted significant wagers from McIngvale in 2023, with DraftKings taking a $2 million wager at +600 in September, and FanDuel accepting a $1 million bet at +750 last week.
The confirmed total of his wagers would have paid out $50 million. But he told media earlier this year that he stood to make significantly more than 2022’s $75 million if his bets came through.
Potentially, he used offshore sportsbooks for some, although he was fond of various Louisiana retail sports betting venues throughout 2022. In his $75 million win, Mack single-handedly pushed Louisiana’s books to their record loss for any month since legalization at -$25.3 million.
For his part, he remained upbeat despite this year’s loss.
“Sometimes you get rained out, and you don’t look back,” he said to one journalist in a phone call after the game, as reported by Patrick Everson on X.