Sports fan Jim “Mattress Mack” McIngvale has put his money — big money — where his mouth is. His allegiance to Texas-based teams, particularly the Houston Astros, has paid off and lost him millions of dollars in bets over the years.
The Houston-area furniture store owner won $75 million gambling correctly that the Astros would capture the 2022 World Series. Now he’s due to collect potentially $43.4 million betting that the Astros repeat as champions, according to media reports.
McIngvale, 72, wagered $6.9 million on the Astros before the start of the postseason, including $1 million at +1100 odds at Caesars Sportsbook on Sept. 27 — an $11 million payout.
Houston didn’t win the American League West until the last day of the regular season.
His pick is looking better after the Astros eliminated the Minnesota Twins in the AL Division Series on Wednesday and moved on to face the Texas Rangers starting Sunday in the American League Championship Series.
McIngvale had announced three other bets on the Astros throughout the year. He put $1.9 million at +600 for an $11.4 million payout at Caesars in the preseason. He placed a $2M bet at the same odds to win $12M at DraftKings on Sept. 15. Before the ALDS, McIngvale placed a bet of $2M at +450 to win $9M.
McIngvale, the founder of Gallery Furniture, has parlayed sports bets into store promotions in which customers get their money back if the Astros win.
He has also lost bets, such as on the Cincinnati Bengals to win Super Bowl LVI in 2022 (the Los Angeles Rams won); and for Alabama and TCU to beat Georgia in the past two College Football Playoff National Championship games. Georgia won both title games.
–Field Level Media