Posted on 10/11/2019 6:28:31 AM PDT by RummyChick
A Houston furniture salesman, attempting to mitigate millions of dollars in potential refunds from a promotion, placed one of the largest bets ever taken by a U.S. bookmaker on Tuesday at a Mississippi sportsbook.
Jim "Mattress Mack" McIngvale, owner of Gallery Furniture in Houston, bet $3.5 million on the Houston Astros to win the World Series at the DraftKings sportsbook at Scarlet Pearl casino in Biloxi, Mississippi. At +220 odds, the wager would pay a net $7.7 million if the Astros win the World Series.
McIngvale wired the $3.5 million to the Scarlet Pearl on Monday and flew from Houston to Biloxi. He said Tuesday that the betting slip was in his pocket and joked that he'd probably keep it in his wallet, "which is secured by a bunch of rubber bands."
(Excerpt) Read more at espn.com ...
“A fool and his money are soon parted.” But just remember, “Gallery Furniture - really will - save you money”!
Gambling like a poor risk mitigation strategy.
He’s hedging his exposure because of a promotion he made whereby anyone who bought a mattress in XYZ dates gets their loan cancelled if the Astros win the series. So if that happens he wins enough to cover the losses on the mattresses, but if the Astros lose, the profit from the mattresses is enough to cover the cost of the bet.
So much for his chances of ever getting into the Hall of Fame
The Scarlet Pearl is in D’Iberville, not Biloxi.
He’s giving away $3,000 mattresses if the Astros win. He’s covering his promotion expenses.
Ever see a prosperous middle class worker suddenly become impoverished or why a neighbor suddenly sells their house or is evicted? It happens frequently and you can thank human weakness and the ready availability of sports gambling. The man who won the $1 million dollar bet will inspire many down a bad , losing path.
The Houston Rockets team owner owns casinos that take bets.
The Rockets team owner also sucks up to Communist despots.
When the Red Sox did win I contacted Jordan's and they told me a bought a love seat not a sofa.
He did the same thing in 2017. I think he also did it last year. Mattress Mac is a big supporter of local Houston sports, charities, etc.
“. . . bet $3.5 million on the Houston Astros to win the World Series at the DraftKings sportsbook at Scarlet Pearl casino in Biloxi, Mississippi. At +220 odds, the wager would pay a net $7.7 million if the Astros win the World Series.”
Someone explain the odds part of this to me. If it’s +220, doesn’t that mean he’d win 220 x his bet, not 2.2 times?
3.5 x 2.2 = 7.7
3.5 x 220 = 770
I don’t get it.
The Scarlet Pearl is in D’Iberville, not Biloxi.
Yes, but if you’re flying from Houston directly to D’Iberville, you’re probably going to be on a Cessna 172.
Better a jet from Houston to Biloxi.
It is based on this...if you bet $100 you will win $220. Basically 2.2 times
“So much for his chances of ever getting into the Hall of Fame”
>>>>>>>>>>>
Being a mattress salesman, perhaps he’s looking to get into the Hall of Frame.
The Biloxi-Gulfport Airport is not exactly O’Hare.
The Biloxi-Gulfport Airport is not exactly O’Hare.
Well, Spirit, United, and Southwest all fly nonstop from Houston to Biloxi-Gulfport. Better than Podunk Air flying to D’Iberville.
I know Mack personally. He’s anything but a fool.
I have urged through channels he be awarded a Medal of Freedom.
Twice in the last five years, when Houston had terrible flooding, Jim opened up his furniture stores (really big) to all those who needed a place to sleep. He let them sleep on NEW furniture, beds, loungers, etc. He is an incredible philanthropist, and knows how to make a profit-—or he wouldn’t have the money to bet.
Yeah, but I lost respect for him years ago when he led the charge to legalize gambling in Texas.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.