Jim 'Mattress Mack' McIngvale places $1M wager on Houston to win March Madness
The bet is tied to a promotion at McIngvale's furniture stores
Texas-based businessman and self-proclaimed Houston superfan Jim "Mattress Mack" McIngvale is putting his money on the line once again.
The furniture store owner has made headlines in recent years for wagering large sums of money on his favorite teams.
At times, he has reaped big rewards, like his historic $75 million payout when the Astros won the 2022 World Series.
McIngvale's latest bet comes shortly before the NCAA Division I men's basketball tournament tips off. He placed a $1 million wager on the Houston Cougars to win the 2024 national championship.
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Jim "Mattress Mack" McIngvale hypes the crowd as the Norfolk State Spartans play the Houston Cougars at Fertitta Center Nov. 29, 2022, in Houston. (Bob Levey/Getty Images / Getty Images)
The top-ranked Cougars have been one of the best teams in the nation this season, and Houston's win over Cincinnati Tuesday was the team's sixth straight.
The Cougars have three regular-season games remaining and have 7.5-to-1 odds to hoist the national championship trophy in early April, according to the latest data from Caesars Sportsbook.
If the Cougars are the last team standing, McIngvale would be in line for an estimated $7.5 million payout.
Despite advancing to the Final Four six times, the Cougars have never won a national title.
Gallery Furniture's "Mattress Mack" leads the Houston Cougars chant to start a game against the Oral Roberts Golden Eagles at Fertitta Center in Houston Nov. 14, 2022. (Maria Lysaker/USA Today Sports / IMAGN)
McIngvale routinely makes extravagant sports bets to cover promotions at his mattress stores. If the Cougars win the tournament, McIngvale's earnings will help fund the latest Gallery Furniture promotion. The promotion states that customers will receive a refund if they purchase a Tempur-Pedic mattress and adjustable base priced at $4,000 or more and Houston wins the national title.
McIngvale wagered $3 million on the TCU football team last year. He was counting on the Horned Frogs to upset the Georgia Bulldogs in the College Football Playoff national championship game.
But TCU proved no match for the Southeastern Conference powerhouse, and Georgia cruised to a 65-7 victory to claim the program's second consecutive national title.
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State Farm Stadium, home of the NFL's Arizona Cardinals, hosts this year's men's Final Four.