Who is ‘Mattress Mack’? Texas businessman vows to keep going after losing $9.5 million on Super Bowl bet

Zubu Brothers ^ | 2-14-2022

[blam]

Jim McIngvale, better known as “Mattress Mack,” may be down, but he’s not out.

“The Bengals lost, and it broke my heart, McIngvale told ESPN on Monday. “But you know what, we live to play another day. You win some, you lose some and sometimes you get rained out. I got up this morning, put on my big boy britches and went to work.”

McIngvale placed more than $9.5 million in bets on the Bengals to upset the favored Rams in Super Bowl 56.

McIngvale wagered $4.53 million on Cincinnati to win the game, getting +170 odds, on Feb. 3. He doubled down Friday with a Super Bowl-record $5 million bet, also on the Bengals to win straight up and again at +170 odds.

NOW: On the @KPRC2 News Mattress Mack lays down the biggest Super Bowl bet in history according to experts, $5-million dollars. Mack made his wager outside of a men’s restroom in Vinton, Louisiana using the @CaesarsSports app. Only KPRC 2 Investigates was there. (Video soon) pic.twitter.com/TUuqCX8vUM

— Mario Diaz (@KPRC2Mario) February 11, 2022

He stood to make a $16.2 million profit if the Bengals had won.

McIngvale had to drive from Texas to Louisiana to place the wagers legally. He used his Caesars Sportsbook app.

“I had to make like 20 $200,000 bets to make it work,” he told ESPN of his initial bet. “But I want to thank Caesars (Sportsbook) for taking it.”

MORE: Super Bowl 2022 picks, predictions from SN experts

Caesars Sportsbook said it was “the single-largest legal mobile sports wager of all time.”

A week later, McIngvale made the largest legal bet overall. CNBC reported that the previous highest wager was $4.9 million on the 2002 Super Bowl.

McIngvale, who is the owner and CEO of Gallery Furniture in Houston, has made a name for himself in the sports betting industry. As recently as last year, he made $13 million in bets on the Astros to win the World Series while offering to refund anyone who spent more than $3,000 in furniture at his store.

MORE: Rams’ Eric Weddle set to retire again: ‘After this Super Bowl, I move on’

He said he’ll be making the same offer this year, refunding anyone who spends $3,000 on furniture if Cincinnati wins the Super Bowl.

Here is more on the man known as “Mattress Mack.”

Who is ‘Mattress Mack’?

According to Legal Sports Betting, Jim “Mattress Mack” McIngvale started his furniture business, Gallery Furniture, in 1981 using $5,000 to purchase inventory and his truck to move and sell it.

In 1983, McIngvale reportedly took $10,000 and invested in a series of local television ads. During the filming of one of those commercials, he got frustrated while cameras were rolling, pulled money out of his pockets and yelled, “Gallery Furniture saves you money!” It proved to be effective and became his catchphrase.

McIngvale has since grown into one of the most successful businessmen in Texas, reportedly earning about $200 million in revenue annually. He now has a net worth of $300 million.

MORE: Super Bowl uniforms: What jerseys will Rams, Bengals wear?

McIngvale is married to his wife, Linda, and has four children and six grandchildren.

What other huge bets has ‘Mattress Mack’ placed?

Last season, McIngvale bet $3.46 million on the Buccaneers +3.5 to defeat the Chiefs in the Super Bowl as part of a promotional giveaway at his store, ultimately winning $2.7 million in return. However, he has been on a cold streak since then.

He placed $2 million on the Patriots to win this year’s Super Bowl; they were defeated by the Bills in the AFC wild-card round. McIngvale placed a $1.2 million bet on Alabama to win this year’s College Football Playoff national championship; the Crimson Tide lost in the title game to Georgia 33-18.

Before winning his bet on the Buccaneers last season, McIngvale had a losing streak that included $13 million on losing bets on the Astros to win the 2019 World Series.

After cashing his tickets on the Buccaneers, McIngvale lost $12.1 million in wagers, according to the Las Vegas Review Journal: $1 million on Houston to win the 2021 NCAA Tournament; $2.4 million on Essential Quality to win the 2021 Kentucky Derby, $4 million on the Astros to win the 2021 World Series and the $4.7 million in bets on Alabama and the Patriots.

He also lost $700,000 on Titans to win Super Bowl at +850 odds.

IYER: Why Bengals will upset Rams in Super Bowl

McIngvale told the Review Journal he was OK with his most recent losses.

“Life happens and you move on,” McIngvale, 70, said. “You know how long it took me to get over it? Two seconds each. A gambler has to be resilient, if anything. They knock you down and you’ve got to get back up.”

McIngvale said it took him “one half of a millisecond” to get over the Bengals loss and he’s onto the next one.

McIngvale also placed bets against the Chiefs to lose the 2020 AFC divisional round game against the Texans and Super Bowl 54. Kansas City won both contests.

Mattress Mack insists that these aren’t bets, they’re hedges, saying that sales at Gallery Furniture are up 300% as part of his refund promotions tied to his big bets. Sales increased to $20M during his Super Bowl promotion

“I think we ended up making money,” he said, via Yahoo!. “It would have been better had we won the whole thing. Even though we didn’t win the bet, it was a hedge.”

“The highs and lows were terrific.”

[blam]

A very generous man. Made his fortune selling furniture in Houston.

[lee martell]

Must be nice to lose ‘only’ $9.5 Million Dollars and have that feel like losing $45.00.
If he’s selling sofas, they must have been dipped in Gold.

[bray]

Bet his head exploded when that flag came out at the end.

[blam]

"Bet his head exploded when that flag came out at the end."

I'm boycotting the NFL because of their un-American BLM support.

[Smittie]

He’s worked his way up. He still works 10 - 12 hour days in his store. His prices aren’t the cheapest but the furniture is American made and delivered the same day. He gives lots to the community.He makes terrible betting choices, but if he can afford it, that’s his business...

[Newtoidaho]

He can deduct all of his gambling losses from his taxable income. What a country.

[hinckley buzzard]

Some people have more money than brains.

[Dawgreg]

A very generous man. Made his fortune selling furniture in Houston.

Talk about giving back, he’s the epitome of that. He do like to lose his money.....lol. He’s a great guy and can afford it. This ain’t his first multi-million dollar bet he’s lost.

[WASCWatch]

Not really. His promotion was that if Cincinatti won and costomers had purchased a mattress of at least thy price, they would get their money back. He was hedging his bets so if Cincinnati won, he ould just about break even on the promotion.

Matresses have huge markups; probably 150-300%. So losing a bet on a $3000 mattress that cost him likely about $1,000 is not su h a huge risk

[Bob434]

“If you live in Houston, you probably know Jim McIngvale as his alter-ego “Mattress Mack.” For almost four decades, Mack has been selling furniture in the greater Houston area”

https://www.youtube.com/watch?v=8Y6xXGiXiJw

[Bob434]

Losing $45 would make me sick

[mylife]

Bengal’s snatched defeat from the jaws of victory :(

[july4thfreedomfoundation]

Isn’t this the same guy who open up his furniture stores during hurricane Harvey and allowed people seeking shelter the use of his mattresses and beds?

[fireman15]

So losing a bet on a $3000 mattress that cost him likely about $1,000 is not such a huge risk.

The most expensive mattress that I have ever bought was a queen size around $300 at Sam's Club. We still have it 20 years later on our guest bed and people tell us they love it. But we really like the $300 queen sized foam mattress we got from Ikea a few years ago. With inflation adjustments the Ikea mattress was cheaper in real dollars. We use memory foam toppers that cost us $75 on both of them so I guess we really paid $375. It is a little hard for me to imagine spending $3000 on a mattress, but with Bidenflation who knows?

[albie]

What flag?

[xxqqzz]

The problem is he bet it all straight to win. I bet half on Cincinnati to win and half at even to beat the point spread, and I only lost a little.

[piasa]

I am not seeing any generosity here.

[nickcarraway]

The Bengals covered, so he only lost if he bet moneyline.

[nickcarraway]

My head exploded and I had no money on the game and I’m not a Bengals fan.

[P.O.E.]

Should’ve spent some of that money on the refs, who for some “mysterious reason” all of sudden decided to start calling penalties with 2 minutes left to play and the Rams in the red zone.