Last week, Jim McIngvale, AKA “Mattress Mack” drove from Texas to Louisiana to make a $4.5 million bet on the Cincinnati Bengals to win Super Bowl LVI. That is one of the biggest recorded bets in legal sports betting history. However, the record was set on the Super Bowl in 2002 as someone made a $4.9 million bet.
Well, “Mattress Mack” was having none of that. On Friday, he placed a cool $5 million wager on the Bengals. If Cincinnati pulls off the upset Sunday against the Los Angeles Rams, he stands to win $16.2 million.
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McIngvale is the owner of the Houston based Gallery Furniture stores. He has become a prominent figure in recent years for making multi-million dollar bets on sporting events.
After correctly betting on a couple of huge bets, he has been on a bit of a cold streak. “Mattress Mack” lost $3.2 million on the Houston Astros, with whom he bet would win the World Series. More recently, he lost $6 million on Alabama after they lost the NCAA Championship Football game to Georgia.
“Mattress Mack” spoke to CNBC about why he makes these wagers. He uses them to hedge against sales promotions he runs with his stores. If the Bengals win the Super Bowl Sunday, his customers who purchased $3,000 or more will earn a refund.
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