In what seems to be an annual occurrence, Houston furniture store owner Jim “Mattress Mack” McIngvale is close to another large payout involving the Astros.
He has $3.35 million in wagers on the Astros to win the World Series spread out among four different sportsbooks. McIngvale would collect $35.6 million if Houston beats Atlanta. It would mark the largest payout in legal sports betting history.
Mattress Mack placed the bets in June. His largest chunk came at Caesars Sportsbook, where he risked $2 million at 10/1 to make $20 million. He added $1 million at FanDuel (10/1), $250,000 at DraftKings (16/1) and $100,000 at The Score (16/1).
“This is a potentially historic bet, and it’s one that we love to take,” Eric Hession, Co-President of Sports for Caesars Entertainment, said in a statement. “We pride ourselves on our flexible limits in our sportsbooks and sports betting apps. This wager certainly makes baseball season a little more exciting for us, and we’re looking forward to seeing how that plays out.”
As has been the case in recent years, the wagers on the Astros are hedge bets to offset a promotion that McIngvale runs at his furniture store. He offers Gallery Furniture customers a refund on any purchase of $3,000 or more if the Astros win the World Series. His current estimate of potential losses is around $25 million, according to Todd Dewey of the Las Vegas Review-Journal.
“Saturday was the biggest day in the history of this store and Sunday outdid Saturday by $600,000,” Mack told the Review-Journal on Monday. “We sold thousands of mattresses. Over the weekend, we probably did $10 million in sales. I had people who have been in the furniture business for 40 years and their mouths just dropped.
“They couldn’t believe all the people in here. It was unbelievable.”
Mack was offered a $5.5 million cash-out option by FanDuel following the Astros ALCS win over the Red Sox. Caesars told him that cash-outs are not available—Mack never wanted to cash out anyway, though.
Every Las Vegas sportsbook besides Caesars will win money if the Astros win the World Series, according to Dewey. Caesars vice president of trading Craig Mucklow said he would be happy to pay McIngvale if the Astros win it all for the second time in five years.
“The guy has got great karma,” Mucklow said. “He’s done a lot for that community. If somebody is going to win, you can’t complain about it being him. He’s stellar.”
The Astros enter the World Series as slight -135 favorites over Atlanta. They are -130 to win Tuesday’s series opener in Houston.