Jim McIngvale is known to be many things – an American entrepreneur, furniture mogul, philanthropist, and a Houston sports super fan known as Mattress Mack.
As of Nov. 5, McIngvale will also be known for collecting what is believed to be the biggest single outcome regulated payout in US sports betting.
Remember remember the 5th of November
McIngvale managed to cash in several sports betting futures on the Houston Astros after the baseball World Series on Nov. 5. The team defeated the Philadelphia Phillies in Saturday’s Game 6, securing the title for the second time in six seasons.
McIngvale risked $10M, turning it into a nearly $75 million fortune.
Mattress Mack’s record-breaking $75M payout win in the World Series will mostly cost Caesars and Penn Entertainment.
Namely, he placed a $10M bet on his beloved Houston Astros to win this year’s World Series, using several apps, including:
Caesars and Penn are on the hook for the biggest payouts
Caesars will take the biggest hit of the total sum, paying out $30M. McIngvale placed his May 13 bet on the Astros for $3M at 10 to 1 odds.
Caesars Sportsbook announced Saturday that it had paid out $30M of that win. The company called it the largest-ever payout at a legal sports betting site.
Ken Fuchs, Chief Operating Officer for Caesars Digital commented:
“What can we say? We just wrote the biggest cheque in sports betting history to Mattress Mack for $30 million. While Mack may have won this round on the field, we’re proud of how we teamed up to support first responders and military veterans in Houston, Philly and Atlantic City.
And to Mack — we tip our Astros cap — and remind him that he can now support his Texans and Rockets … both attractively priced at +100000 to win a championship. The Astros are also currently +550 to win next year’s Fall Classic.”
McIngvale placed a $2M bet with Barstool at 5.3/1 (+533). Penn Entertainment must pay him nearly $10 M.
Unibet settles historic US sports bet
Kindred Group‘s brand, Unibet, settled a historic bet in the US following the Houston Astros’ World Series victory. Using Unibet sportsbook, McIngvale bet $1.05 million on the Houston Astros winning, which resulted in a $6.3M payout.
Henrik Tjärnström, CEO Kindred Group said:
“We are happy to congratulate Jim McIngvale on his successful bet on the Houston Astros. As one of the largest online betting operators globally we occasionally take on these bigger bets and seen as a part of our overall sportsbook business it is a small exposure.”
It is McIngvale’s second big wager at Unibet after the 2019 unsuccessful $1.5M bet on the Houston Astros to win the World Series.
Giving the customers their money back
Ahead of the World Series, McIngvale told CNBC he’ll get back the initial $10M he put in, and the rest of the money will return to the Gallery Furniture customers.
“It’s gonna be pretty much a wash of giving the customers their money back, which is what we really want to do because then word-of-mouth advertising lasts for 20 or 30 years,” he said.
As he’s done it before, McIngvale used betting markets to ensure his “If the Astros win, you win” promotion.
With his latest win, McIngvale plans to award anyone who spent at least $3,000 in his store. These customers can get a full refund for their buys while keeping the items they purchased.
“My real interest is making sure the customers win because the customers will be happy and thrilled and smiling,” the Houston mogul concluded.