Mattress Mack poised for historic $75M payout after $10M World Series bet
Game 1 of the World Series between the Astros and Phillies kicks off Friday evening at 8:03 pm ET
‘Mattress Mack’ wagers $10 million on Houston Astros to win World Series
Gallery Furniture Owner and famous Texas gambler Jim McIngvale discusses his $10 million bet that the Huston Astros will win the World Series, which could win him $75 million.
Jim "Mattress Mack" McIngvale has the chance to win a historic $75 million payout if the Houston Astros win Major League Baseball's World Series.
Houston business owner Jim Mattress Mack McIngvale poses for a portrait at his store Gallery Furniture in Houston, Tex. on Feb. 17, 2021. | Getty Images
The 71-year-old owner of Houston's Gallery Furniture has $10 million on the line. The business executive initially made a $3 million bet with Caesars Sportsbook in May at 10-to-1 odds for a payout of $30 million.
According to Caesars, the odds of a Houston Astros win are currently at -200, while the odds of a Philadelphia Phillies win are at +170.
Mattress Mack has become well known for using promotions at Gallery Furniture as hedges on his bets.
For the World Series, Gallery Furniture customers who purchased $3,000 worth of Tempurpedic mattress or made in America furniture have the opportunity get their money back if the Astros win. Mack says the promotion has resulted in about $75 million in sales and that some customers have the opportunity to double their money thanks to a two-for-one offering that started back in May.
"If the bet hits, then I'll get the $10 million in capital back that I invested. So I don't have any cost in the promotion," Mack told reporters during a press conference on Wednesday. "And if the Phillies win that, I'm out the $10 million. So I have a vested interest in this either way, but my real interest in making sure the customers win."
The latest bet comes after Mack lost approximately $9.5 million in February after betting on the Cincinnati Bengals to win Super Bowl LVI.
Houston Astros shortstop Jeremy Pena (3) holds up the ALCS Most Valuable Player trophy after the Astros defeated the New York Yankees 6-5 in Game 4 of an American League Championship baseball series, Mon., Oct. 24, 2022, in New York. (AP Photo/John Minchillo / AP Images)
IF THE PHILADELPHIA PHILLIES WIN THE WORLD SERIES, PREPARE FOR AN ECONOMIC CRISIS
Caesars' Head of Sports Ken Fuchs told FOX Business in an interview that this year's World Series stands out from previous years due to the expansion of the legal sports betting industry.
"In 2018, you were really just betting on the World Series in a couple of states and, especially on mobile, it was really just two or three. And if you flash forward, we're in 25 plus states now. So, in many ways, it's a more national business," he explained. "You have all the leagues, including MLB, who are invested in sports betting in their own way. We've got relationships with various teams. And so I just think it's the maturing of this business. It's become part of the popular culture."
Though he declined to reveal Caesar's sports betting forecast for the World Series, he noted that the company has seen "exponential growth" compared to last year's games.
The American Gaming Association said the annual sports betting handle will likely surpass the $100 billion mark this year, assuming no significant slowdown in the pace of growth between now and December.
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In addition to Mack's wager, Caesars is teaming up with Gallery Furniture and Sealy to give away hundreds of mattresses to active members of the military, veterans and first responders in Houston, Philadelphia and Atlantic City, N.J.
"I think it's just truly nice, even though Mack is betting and one of us is going to win and one of us is going to lose, that we can actually come together and do something together for the respective communities that are hosting the World Series," Fuchs said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CZR | CAESARS ENTERTAINMENT INC. | 37.38 | +0.84 | +2.30% |
| TPX | TEMPUR SEALY INTERNATIONAL INC. | 53.59 | -0.65 | -1.19% |
The Astros and Phillies will face off in Game 1 of the World Series on Friday beginning at 8:03 p.m. ET at Minute Maid Park in Houston.