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‘Mattress Mack’ Declines Millions In Reported Cashouts For Record-Setting Houston Astros Bet

By News Creatives Authors , in Business , at October 25, 2021

Topline

Houston furniture tycoon Jim ‘Mattress Mack’ McIngvale still won’t hedge his wagers on the Houston Astros to win the World Series despite being one step closer to cashing in on a historic $35.6 million profit after the Astros advanced to the World Series this weekend, telling the Action Network Monday that he declined cashouts from sportsbooks worth as much as $5.5 million.

Key Facts

McIngvale tweeted screenshots of his exact bets Monday afternoon and he has $3.35 million wagered across four sportsbooks on Houston, standing to receive a total payout of $38.9 million if the Astros win, thought to be the most lucrative payout ever.

These bets are to hedge a promotion McIngvale runs at his Gallery Furniture stores, in which customers that bought a mattress worth $3,000 or more receive their money back if the Astros win the World Series, and he would have to shell out in the “mid 20-millions” should the promotion hit.

McIngvale can cash out on his $1 million FanDuel SportsBook wager for $5.5 million right now, but refuses to, explaining to Action Network, “I have too much involved in the Astros right now.”

Representatives from theScore and FanDuel confirmed McIngvale’s bets to Forbes, while McIngvale and representatives from Caesars and DraftKings have yet to respond to Forbes’ request for comment.

The Astros are favored to beat the Atlanta Braves in the World Series, which begins Tuesday, and are listed at -150 odds on FanDuel, a far cry from the +1000 to +1600 odds McIngvale capitalized on in the regular season.

Crucial Quote

Even though FanDuel will pay $11 million to McIngvale if the Astros win, FanDuel spokesman Kevin Hennessy told Forbes the sportsbook has no rooting interest, We are happy whenever our customers win, so we don’t pick sides or root for any specific team. We just hope for a 7 game series.”

Big Number

$5.9 million. That’s how much in gross mattress sales Gallery Furniture locations brought in last weekend as customers flocked to take advantage of the promotion, McIngvale estimated.

Further Reading

‘Mattress Mack’ To Receive Historic Betting Payout If Houston Astros Win World Series (Forbes)

Mattress Mack Receives Cashout Option on Astros World Series Bet (Action Network)

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