CNN — “Mattress Mack” had reason to celebrate the Houston Astros’ World Series win on Saturday – and not just because he’s an Astros superfan.
Houston furniture store owner Jim McIngvale, known as “Mattress Mack,” made a series of bets amounting to $10 million on the Astros to win the World Series.
And when his team won the franchise’s second World Series title with a 4-2 victory against the Philadelphia Phillies, McIngvale took home $75 million – widely reported to be the largest payout in the history of sports betting.
“This last week has been especially… beyond words,” McIngvale said in a statement on social media, where he also posted a photo of himself with a suitcase full of cash.
McIngvale told CNN last year that he made the huge wagers on a potential World Series title for the Astros to cover another gamble of sorts: customers who bought certain mattresses costing $3,000 or more will get their money back if the Astros win.
He told FOX 26 on Saturday that the $75 million will mostly be paid out to customers as part of the Gallery Furniture chain’s promotion.
“The Astros did all the work, all I did was bet the money,” McIngvale said.
The 71-year-old is famous for the huge bets he has placed on sports games over the years – including a $3.35 million stake placed in June 2021 on the Astros winning last year’s World Series – and was filmed celebrating wildly during his team’s championship-winning game at Minute Maid Park.
In the Houston community, McIngvale is well known in for his charitable work, turning his stores into shelters to help people displaced by severe weather events, such as Hurricane Harvey.
“I’m so proud to be part of this city and will ALWAYS stand up for what’s right … [and] will always do my best to act QUICKLY and on the side of the people,” he added in his statement.
McIngvale also threw out the first pitch ahead of Saturday’s game, which he described as “an honor.”
The Astros’ 4-1 win against the Phillies was the first time since 2013 that a team has claimed the World Series title at its home field.
https://www.cnn.com/2022/11/06/sport/mattress-mack-houston-astros-world-series-spt-intl/index.html....
As a business man who sells furniture, he offered to refund the cost of every mattress over $3,000 customers bought, if the astros won the world series. Funded by proceeds generated by his gambling wagers on the astros to win. That has to be a unique business and gambling strategy. There's a common theme that says its not a good practice to mix business and pleasure. But apparently some get to have their cake and eat it.
Will this man's success spawn a number of copycats. Will mom and pop stores begin to offer incentives and rewards for customers if their NFL team wins the superbowl?
If the trend gains traction, it might even spillover into cryptocurrency. Free NFTs for all if the Golden State Warriors win the championship in 2023.
While it might sound silly and simple. It is possible that these types of hail mary business and gambling ventures could be profitable win or lose. Rewards and incentives offers could boost business by a good percentage which would more than cover the cost of wagers. Winning bets would be leveraged which would make it easier for cost margins to cover. It is possible to structure both sides to guarantee a win/win scenario for everyone. Except perhaps casinos should they have to payout.
