Mattress Mack loses $9.5M on Super Bowl LVI bet
If he won, Mattress Mack would have generated a profit of just over $16.2 million
Empirestakes.com vice president of business Max Bichsel reflects on the high volume of sports betting following the Super Bowl.
Texas furniture salesman Jim "Mattress Mack" McIngvale has lost approximately $9.5 million after placing record-setting bets through Caesars Sportsbook's app on Super Bowl LVI.
Houston business owner Jim Mattress Mack McIngvale poses for a portrait at his store Gallery Furniture in Houston, Texas on Feb. 17, 2021. (Mark Felix/The Washington Post via Getty Images / Getty Images)
McIngvale, who owns Gallery Furniture in Houston, drove to Louisiana on Feb. 3 to place a legal mobile sports bet of more than $4.5 million on a Super Bowl LVI win for the Cinicinatti Bengals. Last week, he added another $5 million to the overall wager.
The moneyline odds for the Bengals to win was at +170 when McIngvale placed the bets. If he won, Mattress Mack would have generated a profit of just over $16.2 million. However, the Los Angeles Rams ultimately ended up beating the Bengals 23-20.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CZR | CAESARS ENTERTAINMENT INC. | 39.30 | -0.13 | -0.33% |
"This has been another exciting ride with Mack and it was a thrill for Caesars to be on one side of the largest legal sports bet in history, with nearly $10 million down," Caesars Sportsbook's head of sports, Ken Fuchs, said in a statement. "Mack's conviction for the Bengals was true to his all-in character. We look forward to the next head-to-head with him, and welcome everyone to come bet with us."
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The wagers were part of a Gallery Furniture promotion that offered reimbursement to customers who spent $3,000 or more on a Tempur-Pedic, Stearns & Foster or Sealy mattress or on reclining sectionals, sofas or loveseats if the Bengals won.
The promotion brought in about $20 million in revenue, with sales surging about 250% over a two-week period. About 70% of the customers involved in the promotion were new.
"It was a defensive struggle, and the Rams got them in the end, so it was very disappointing," Mattress Mack told FOX Business. "But I was more disappointed by the fact our customers didn't get the money back than me losing a football bet because I'm focused on taking care of the customers."
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Despite the loss, Mattress Mack says Gallery Furniture will continue to do similar promotions in the future.
"[Customers] have fun with them, and it drives the business," he said. "Brick-and-mortar retail is certainly threatened by Amazon, Wayfair and other online retailers. We have to do something that makes us stand out, and this is one of the things we do. It's a marketing concept — it's not gambling."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 214.10 | +5.15 | +2.46% |
| W | WAYFAIR INC. | 38.49 | -0.68 | -1.74% |
He and his wife watched the big game alongside 80 military veterans at Camp Hope, an intensive residential program designed to provide support and mentoring-based healing for individuals suffering from post-traumatic stress disorder. Over 1,348 veterans have graduated from the program.
"I saw how brave and valiant they were in fighting their demons in their head, and all of a sudden losing a football game wasn't such a big deal," he said.