X

‘Mattress Mack’ loses $2M in bets on NCAA Tournament

Houston furniture store owner Jim "Mattress Mack" McIngvale, 68, mans the counter in ...

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.

.....We hope you appreciate our content. Subscribe Today to continue reading this story, and all of our stories.
Subscribe now and enjoy unlimited access!
Unlimited Digital Access
99¢ per month for the first 2 months
Exit mobile version