"Mattress Mack" loses nearly 10 million dollars on Astros Loss

[redsun114]

McIngvale won a record $75 million when the Astros won the World Series in 2022. If the Astros would've repeated as World Series champions, he would've won an estimated $118 million over the last two years.

It's not like he's going to suffer from a 10 million loss... only that it wasn't 10 million, like you're saying but 7.9 according to the article. 8 million and 10 million is already a big difference, but forgetting to mention that he bet only close to 10% of his wins from last year is a crime.

The guy is clearly a winner that doesn't want to stop as long as he's ahead. Would you stop betting if you had 75 million in the bank? I'd probably keep going up until the last 5 because 5 would be enough for me to never be poor again and the rest is just fun - easy come easy go.

He probably has more money than that since he must have been doing this for quite some time, and he must have won or owned more money before even winning that sum. However, that doesn't change the fact that 8 million dollars isn't a small amount even if you have a hundred million in the bank. I'm sure he is pretty confident with his bets and that's why he uses such amounts as he knows that even if he loses one, he will recover the loss in the next big bet.

If I had 75 million dollars in the bank I would diversify my bets and earn more money, I know that I won't be winning with the same team or the same sport all the time, so doing a bit of research would give me enough ideas about which sports and which matches I would make my bets so that I can at least get some profit every time I do that.

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[FanEagle]

I would say I could bet millions if I had billions, so it depends on how much money you have. There are some people who are so interested in betting and gambling that they could have like 10-*20 million dollars and bet 2-3 million dollars of it, they like to live on the edge and I am not one of those people. You can be rich or you can be poor, always have a savings account on the side, like your investment and 1% of your investment for gambling is a fine level, 1% per month is not that bad and you could just do that.

This means if you have 5k dollars saved aside, then betting 50 dollars a month is not bad, it would not end that quickly and you would probably make it back. If you have 50 million dollars then betting 500k is not that bad, and by this logic, if I have 1 billion dollars then yeah 10 million dollars for a single bet could make sense, I have 1 billion after all but there are very few people who have that much money so it's unlikely for sure.

[Yatsan]

The point is that he makes a mix of risk and fanaticism, a very volatile mix, but it works for him, and this works for him because he has the money and the knowledge, the bet on the Astros was not so crazy, despite being a fan .

As for the classic question, would I make the bet, the amount does not have to represent my fanaticism but rather the ability to do it within of my bankroll, then, as read in some posts above, the guy bet 10% of yours winnings, okay, I mean, in the equivalent, I would bet that % of my bankroll, if it is $100 or $10 million it is already a question of the size of the bet, and obviously sometimes seeing millions for the average mortal can be a lot but these guys live within those limits.

If they bet an amount outside their risk tolerance then they are foolish from doing so. If we would be asked whether we’d do the same thing and we happened to not have that much of money then the answer should be obvious, a big NO. But if I’m rich as him or Drake or others who bets huge
, then I’d probably do. Drake for example have lost some of his big bets but for sure he earned huge as well with his other huge bets. And they are simply aware of it, no need to worry. This scenario is just a simple representation of why we shouldn’t bet an amount we cannot afford losing, no matter how sure we are.

[maydna]

Even if we know for sure about the match and the team that will win, it is still not worth betting a lot of money, especially if we have a lot, it is still not recommended. But very rich people easily place bets with big money, and they don't think anything about it because they will support their favorite team by betting with that big money. Even though they lose, they still have a lot of money, which differentiates them from us, who don't have a lot of money. It is never advisable to place bets on large amounts of money unless the person can accept the risk.

[alegotardo]

Most of you probably aren't familiar with this man, but he's pretty popular here in the United States, known for making monster bets on his favorite baseball team, the Houston Astros ( also the most hated team in America being that they were caught cheating  during their World Series win a few years back). 

I saw a video of someone giving him shit and him stacking "fuck you, fuck you" left and right back at the man.  This guy seems to lose his cool quite a bit.  He seems like an old fart but if you look up his history, he's bet millions upon millions of dollars, both winning and losing TONS of money.

Here's the recent bet/story ( could you ever bet millions if you had it? )
https://www.cbssports.com/mlb/news/jim-mattress-mack-mcingvale-lost-at-least-7-9-million-on-astros-world-series-bets/

I think this is ridiculous!
Okay, we all have our favorite teams or players and we bet on them against all odds, but spending a fortune on that is something I can't understand.

And the problem is much more serious than just the fact that he is crazy, but also because he encourages other people to go down this path... because as is customary, Mattress Mack once again invited its customers to bet with he. In a promotion on his furniture chain, the Texan announced that purchases over US$3,000 would be free with the Astros title. In other words, many people believed in Mattress Mack's dream and are now lamenting yet another elimination for the Astros with him.

[uneng]

( could you ever bet millions if you had it? )

I think so, why not? Since the essential rule of betting only what you can afford to lose is followed, there aren't any issues... For someone who has millions or billion of dollars, to lose few millions on bets isn't going to prejudice their financial lives considerably. It's just a recoverable sum of money they can make once again after a month or so, therefore it's the determined budget they have to gamble, accepting the possibility of losing it meanwhile, without further prejudice.

[ChiBitCTy]

( could you ever bet millions if you had it? )

I think so, why not? Since the essential rule of betting only what you can afford to lose is followed, there aren't any issues... For someone who has millions or billion of dollars, to lose few millions on bets isn't going to prejudice their financial lives considerably. It's just a recoverable sum of money they can make once again after a month or so, therefore it's the determined budget they have to gamble, accepting the possibility of losing it meanwhile, without further prejudice.

I am with you on this.  If I had the money, what's a few million when you've got millions of dollars saved up from your career as well as your gambling winnings.

I appreciate everyone else joining in on the discussion.  I remember seeing this guy and stories about him when the hated Astros won the World Series and seeing how much money he won.  He seems like a grump old man but I guess good for him.  Unless he was a sleezy mattress salesman which I guess I doubt.

[Oilacris]

( could you ever bet millions if you had it? )

I think so, why not? Since the essential rule of betting only what you can afford to lose is followed, there aren't any issues... For someone who has millions or billion of dollars, to lose few millions on bets isn't going to prejudice their financial lives considerably. It's just a recoverable sum of money they can make once again after a month or so, therefore it's the determined budget they have to gamble, accepting the possibility of losing it meanwhile, without further prejudice.

I am with you on this.  If I had the money, what's a few million when you've got millions of dollars saved up from your career as well as your gambling winnings.

I appreciate everyone else joining in on the discussion.  I remember seeing this guy and stories about him when the hated Astros won the World Series and seeing how much money he won.  He seems like a grump old man but I guess good for him.  Unless he was a sleezy mattress salesman which I guess I doubt.

If you are that someone whose really that lots of money or lets say you are that a multi-millionaire then it wont really be that an issue on spending up money since you do know that you do have
back up funds if ever you would really be losing then it would really be just that normal that you are already that prepared or think up ahead that you could really be able to sustain.
If money wont really be an issue then it would be that normal that y ou would be making multiple bets or something that you would really be sticking on a single team or player no matter what.
We do know that there are indeed bettors on which you would really be that sticking into things no matter what. Sentiments wont really be affecting you and it doesnt matter
if you would really be hated then it your money and its none other business or concern on whatever the things you would really be doing.