The mattress man is back.
Jim “Mattress Mack” McIngvale, a furniture salesman in Houston, hedged his store’s popular promotion today. McIngvale placed a $3.5 million bet on the Astros to win the World Series at +220 at the Scarlet Pearl Casino in Biloxi, Mississippi.
ESPN’s David Purdum reported the story first earlier today.
Since then, the wager has taken place, per Todd Dewey of the Las Vegas Review Journal.
Gallery Furniture, McIngvale’s store, is running a “Win it All” promotion where customers can get refunds for mattress-related purchases of $3,000 or more if the Astros win the World Series this year.
He estimates that he will owe customers around $15 million if Houston comes through. Due to the liability at his store, McIngvale is hedging with the $3.5 million bet on the Astros. He would net $7.7 million at the Scarlet Pearl Casino, essentially cutting his liability in half.
This is not McIngvale’s first go-around. In 2017, he ran the same promotion at his store. When Houston won the World Series, he gave away $10 million in mattresses.
This year, if the Astros win the World Series, customers can choose a 100 percent cash refund or a 150 percent refund in Gallery Furniture store credit.
The Astros are currently slated at +190 to win the World Series at 5Dimes, +200 on BetOnline and +204 at BookMaker. As for the American League Championship Series, Houston is a -110 ‘chalk.’
McIngvale’s promotion is set to end on Tuesday, but due to the MLB schedule, he is considering extending it. The Astros open their World Series campaign with an ALDS series against the Oakland A’s or Tampa Bay Rays on Friday at Minute Maid Park.
Oakland will host Tampa Bay in the Wild Card game on Wednesday night at 8:09 p.m. ET. The A’s are -141 home favorites in that contest. Charlie Morton will be on the mound for the Rays and Sean Manaea is starting for Oakland.
If the Astros win the World Series, McIngvale is planning on hosting a party on Dec. 22 to hand out refund checks to customers and celebrate Houston’s second title in three years.
Dewey reached out to the casino inquiring about its concerns over potentially losing such a massive bet.