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Wednesday, March 29, 2023

Mattress Mack’s $4 Million World Series Bet Means a 20% Haircut or Worse for the Rest of Us

The World Series is officially over, and the owner of Mattress Mack’s in Houston won a 20% hair cut or worse on every one else who wagered. If you do business with him, he will now take your bets at 10-1 odds instead of 20-1 odds — meaning that if you bet $100 to win $10 back, you would have lost $90 before taxes.

The “mattress mack net worth” is a topic that has been in the news recently. Mattress Mack, who bets on sports, made a bet with ESPN for $4 million dollars for the World Series of Baseball. If he wins, he will get 20% of the money back or worse from everyone else.

Mattress Mack may be well-liked in Houston for the bargains he offers and his vast humanitarian endeavors, but he hasn’t done fellow gamblers any favors by going all-in on another World Series futures bet.

When someone like him bets big on the Houston Astros five months or more before the World Series, all the other potential bettors suffer the price.

Mattress Mack makes his most daring wager ever.

Houston business owner Jim 'Mattress Mack' McIngvale poses for a portrait at Gallery Furniture in On February 17, 2021, Houston company owner Jim ‘Mattress Mack’ McIngvale poses for a photo at Gallery Furniture in Houston. | Getty Images/Mark Felix for The Washington Post

Last week, Jim “Mattress Mack” McIngvale placed two wagers with legitimate bookmakers that garnered a lot of media attention. That’s reasonable when the stakes amount $4 million and the odds are in the double digits.

If his native Houston Astros win the World Series this autumn, McIngvale, the owner of Gallery Furniture and a well-known gambler, stands to make $42 million. The problem is that just a little portion of it would end up in his wallet.

McIngvale, who won $3.5 million on the 2021 Astros, has made it a yearly tradition. He wins some and loses some of the apparently insane wagers, but that’s the price of doing business. He places his yearly baseball bets to protect his furniture firm from the advertising that has helped it become a significant shop in a major market.

McIngvale previously provided a money-back guarantee to consumers who bought $3,000 worth of bedding or furniture and the Astros went on to win the World Series. Mattress Mack, on the other hand, is giving buyers twice their money back on the same deal.

The Houston Astros are a calculated risk for Mattress Mack.

MACK 👏 IS 👏 BACK 👏@MattressMack just placed a $3,000,000 bet on the Astros (+1000) to win the World Series ☄️

If he wins, this would be the LARGEST win at a legal Sportsbook ever: $30,000,000 🤯 pic.twitter.com/NsL4nZzf3E

— Caesars Sportsbook (@CaesarsSports) May 13, 2022

Mattress Mack pays the price one way or another. Hedging his bet, on the other hand, is the sensible move. On Friday, he bet $3 million on the Astros at 10-to-1 odds with Caesars Palace and another $1 million at 12-to-1 odds with WynnBET using Louisiana’s licensed bookmakers. Caesars’ anticipated net gain of $30 million would be the highest ever at a licensed sportsbook.

Mattress Mack loses the $4 million bet if the Astros do not win the World Series, but he is not required to refund any money to clients. The taxman takes the first bite of the $42 million gain if the club wins the MLB championship for the first time since 2017, and most of the rest goes towards the promised refunds. It’s unclear how much money would be left over for the businessman after paying back the consumers, but it’s unlikely to be much.

Jim McIngvale bet correctly on Kansas in the NCAA Men’s Basketball Tournament in April, gaining over $15 million to pay yet another consumer rebate program.

“Thank God for my wonderful customers,” he said. “They won this game and I love them all to death.”

The rest of us take a bite out of his large bet.

🚨 𝐁𝐢𝐠 𝐛𝐞𝐭 𝐚𝐥𝐞𝐫𝐭 🚨@MattressMack has placed a wager with us on the Houston Astros to win the World Series at +1200 👀

The wager: $1,000,000 🎟️ Potential payout: $13,000,000 💸 pic.twitter.com/Px99T4x9NG

— WynnBET (@WynnBET) May 13, 2022

Sportsbooks, like illicit bookies before them, can’t continue in business if there are too many winners. Fortunately, the rest of us are here to help them balance the books.

When prospective winning bets begin to outnumber potential losing bets in terms of cash value, the simple answer is to decrease the chances for following bets, which is exactly what Mattress Mack’s sportsbooks have done. Caesars Palace and WynnBET dropped their odds on the Astros winning the World Series to 8-to-1 after he laid down $4 million in two bets on the team. Two sportsbooks reduced their prices by 20% and 33%, respectively.

In the following weeks and months, those two firms are likely to try to shift some of the activity on the Astros to other legal sportsbooks in order to protect themselves even more. It’s similar to how Mattress Mack hedges his risks in order to cover prospective consumer refunds.

Given that the Astros began Tuesday’s game with the best record in baseball and had won eight of their previous ten games, those odds may have begun to fall regardless of Mattress Mack’s behavior. However, he accelerated the process.

In the United States, call the National Council on Problem Gambling at 1-800-522-4700 for assistance.

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