This story has been updated.
A renowned businessman from Houston, Jim “Mattress Mack” McIngvale, placed the largest single wager in the brief history of Mississippi sports betting on Oct. 1. McIngvale placed a $3.5 million wager on the Houston Astros to win the World Series at the DraftKings Sportsbook inside Scarlet Pearl Casino in Biloxi.
History has been made at DraftKings at Scarlet Pearl Sportsbook, and we are thankful to be apart of it! Jim 'Mattress Mack' McIngvale from Houston has officially placed his $3.5M bet at Scarlet Pearl on the Astros to win the World Series! #TheNewWayToBet pic.twitter.com/nKPgnIwtQp
— Scarlet Pearl Casino (@ScarletPearl_MS) October 1, 2019
Two days later, McIngvale flew to New Jersey and put down another $1.5 million on the Astros at FanDuel Sportsbook. It is the largest single wager accepted in the state to this point.
At the time of the wager at DraftKings, the odds were +220 on the Astros to win the World Series. “Mattress Mack” will win $7.7 million if the Astros win the title. He’ll actually walk away with $11.2 million as he will also recoup the original $3.5 million.
The Astros odds were also +220 on FanDuel at the time McIngvale made his bet on Thursday. The $1.5 million bet would pay $4.8 million total.
Furniture store owner and big bettor
Jim McIngvale was given the nickname “Mattress Mack” because he owns a furniture store that has a unique mattress promotion. For much of the Major League Baseball season, he offered a refund to customers who spend $3,000 or more on mattress-related purchases if the Astros win the World Series. The popular promotion racked up approximately $15 million in sales.
He’s using this wager on this Astros wager, in part, as a hedge against the promotion. While insurance might help recoup some of the $15 million in furniture purchased, it won’t cover everything. If the Astros win the World Series, the $7.7 million won from this wager will certainly help offset the promotion expense.
Return of the Mack
If this sounds familiar, McIngvale had a similar promotion in 2017. He visited Las Vegas to place multiple six-figure wagers at sportsbooks all around town to hedge against a potential Astros win. When the Astros defeated the Dodgers in the World Series, he refunded $13 million in furniture sales.
This year, he decided to shop around. Since the repeal of PASPA, there are plenty of new sportsbook operators around the country. It’s much easier to place one large wager than to drive around Las Vegas with cash looking to see which casinos are willing to take his action.
Just a couple of weeks ago, FanDuel Sportsbook in New Jersey approached the state’s Division of Gaming Enforcement to see if they would waive a rule that limit’s bettors to a maximum wager of $5 million.
Last week, McIngvale placed a comparatively small $200,000 wager on the Astros at +250 odds to win the World Series at the South Point in Las Vegas. According to ESPN, he still ended up placing smaller wagers on the Astros in Las Vegas at Caesars, Circa, MGM, and Treasure Island.
Ultimately, he decided to place the biggest wager closer to home in Mississippi. “Mattress Mack” didn’t have to travel with cash from Houston. He was able to wire the money to the casino cage to place the wager at the DraftKings Sportsbook.
Lead image courtesy of DraftKings Sportsbook