‘Mattress Mack’ loses $2M in bets on NCAA Tournament
Mattress Mack is fond of the phrase “a setback is just a setup for a comeback.”
If that’s the case, Houston furniture store owner Jim “Mattress Mack” McIngvale is due for a massive comeback.
McIngvale, 73, lost $2 million in wagers to win $15 million on Houston to win the NCAA Tournament when the Cougars lost 54-51 to Duke on Friday in the Sweet 16.
He won a record $72.6 million in wagers on the Astros to win the 2022 World Series, but he has since lost at least $20 million in bets. That includes $9.9 million on the Astros to win the 2023 World Series, $4.1 million on Houston to win the 2023 NCAA basketball title, $2 million on last year’s Kentucky Derby and $1 million on Texas to win the college football national championship.
He also lost $750,000 on the Cincinnati Bengals to win the 2023 Super Bowl and dropped $500,000 on the Houston Texans in last season’s NFL playoffs.
The seven-figure bets are to reduce risk on promotions at his Gallery Furniture stores. In the most recent case, customers who made a purchase of $4,000 or more would’ve got their money back if Houston won the national title.
McIngvale made a $1 million wager to win $7.5 million on Houston (+750) at Caesars Sportsbook. He also bet $1 million to win $7.5 million on the Cougars (+750) at DraftKings, the sportsbook confirmed to the Review-Journal.
McIngvale took the latest loss in stride.
“Win some. Lose some. Sometimes you get rained out,” McIngvale said in a text message.
Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on X.