Jim โMattress Mackโ McIngvale is many things: a respected businessman of Gallery Furniture fame, philanthropist, Houston Astros superfan, veteran gambler, and โ after his beloved Major League Baseball team won the 2022 World Series โ US$75 million (AU$116 million) richer.
Back in May, the 71-year-old placed an initial bet of US$3 million (AU$4.7 million) on the Astros to win this yearโs championship at 10-1 odds. As the seasons progressed, heโd place further bets right up until the playoffs, eventually totalling around US$10 million (AU$15.5 million). Adjusted combined odds: 7.5-1.
โI just have what you might call a high tolerance for risk. Damon Runyon said, โAll horse players die broke.โ And I know I shouldnโt bet with my heart, but itโs hard not to, and itโs a lot more fun,โ said Jim McIngvale.
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โI just get bored to death with stability, which is why I guess I like all of these big betsโฆ I thrive on chaos.โ
In Game 6, the Astros would defeat the Philadelphia Phillies by 4-1, closing out the series with four games to Philliesโ two, and earning McIngvale what is believed to be the largest payout in (legal) sports betting history. The cherry on top? Old Mack had the honour of throwing the ceremonial first pitch before H-Town sealed the deal.
โWhat can we say? We just wrote the biggest cheque in sports betting history to Mattress Mack for $30 million,โ said Ken Fuchs, Chief Operating Officer for Caesars Digital โ the sportsbook which McIngvale placed the original bet.
โWould we do it all again? You bet. While Mack may have won this round on the field, weโre proud of how we teamed up to support first responders and military veterans in Houston, [Philadelphia], and Atlantic City.โ
โAnd to Mack โ we tip our Astros cap โ and remind him that he can now support his Texans and Rocketsโฆ both attractively priced at +100,000 to win a championship. The Astros are also currently +550 to win next yearโs Fall Classic.โ
Despite all this, Mattress Mack wonโt be pocketing much of it for himself given how he regularly uses bet winning to cover promotions at his furniture chain. This year, for example, the great man offered any customer who spent more than US$3,000 (AU$4,660) double their money back if the Astros won the title.
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โWhatever we can do to make peopleโs lives better, even if itโs through this magical game of baseball, we will,โ Jim McIngvale told Fox 26 this past weekend.
And like any seasoned punter, for every headline-making success, thereโs a handful of rather painful losses. During Super Bowl LVI, he lost US$9.5 million (AU$14.7 million) backing the Joe Burrow-led Cincinnati Bengals; but would go on to sell US$20 million (AU$31 million) worth of furniture with a promotion based around the wager. Bonus: over in the US, gambling losses are tax deductible.
McIngvale added: โItโs definitely a win-win. These promotions just bring the brand to life and give us a ton of brand equity that we wouldnโt have otherwise. The customers love it so theyโre totally engaged and talk about it for years. Because it runs all season long it probably ups the number of people following the Astros, too, because now they have a real vested interest in the team.โ
At the time of this writing, Jim โMattress Mackโ McIngvale reportedly has a net worth of US$300 million (AU$466 million).
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