(02-15-2022, 11:36 AM)Nepa Wrote: From ESPN:

Jim "Mattress Mack" McIngvale lost $9.5 million betting on the Cincinnati Bengals to win the Super Bowl but got up Monday morning, put on his "big boy britches" and was back to work selling furniture.

McIngvale, a beloved icon in Houston where he owns Gallery Furniture, has garnered national attention by placing big sports bets and attempting to mitigate his losses with promotional giveaways at his store.

He lost his bets when the Bengals lost a late lead and fell to the Los Angeles Rams 23-20 Sunday night in Super Bowl LVI. The Bengals covered the 4-point spread but McIngvale bet on the moneyline, meaning he needed a Bengals win. At the same time, he ran a promotion that offered customers who spent at least $3,000 on mattresses and furniture at his store their money back if the Bengals won."


He mitigated the loss somewhat by now not having to give the money back for all the people who bought mattresses and furniture. His sales were up so high with this promotion that he actually had added to his original bet.

Quote:The wagers were part of a Gallery Furniture promotion that offered reimbursement to customers who spent $3,000 or more on a Tempur-Pedic, Stearns & Foster or Sealy mattress or on reclining sectionals, sofas or loveseats if the Bengals won. 

The promotion brought in about $20 million in revenue, with sales surging about 250% over a two-week period. About 70% of the customers involved in the promotion were new.

Quote:He and his wife watched the big game alongside 80 military veterans at Camp Hope, an intensive residential program designed to provide support and mentoring-based healing for individuals suffering from post-traumatic stress disorder. Over 1,348 veterans have graduated from the program. 

"I saw how brave and valiant they were in fighting their demons in their head, and all of a sudden losing a football game wasn't such a big deal," he said.

(02-15-2022, 10:47 AM)jj22 Wrote: Poor Mattress Mack. He believed.....

I wanted to win it for him.

(02-15-2022, 01:29 PM)Go Cards Wrote: Not sure he actually wanted Bengals to win. Because his promotion said that if the Bengals won all purchases over $3,000 from time bet was made until kickoff would be refunded in full only if Bengals won. 

So he gave his customers the underdog on the money line without any points and then hedged his bet at casino. Not sure if he does this because he makes more on mattresses or he breaks even and gets the free publicity too.

But read on here that he is well liked and Texas is a big state, so guessing he makes money on the sales promotion and gets tons of publicity. 

(02-15-2022, 10:56 AM)Interceptor Wrote: I think he went moneyline.

(02-15-2022, 04:20 PM)BFritz21 Wrote: I went money line at the last minute and it cost me $500.

Oh well.

We'll be back there soon!

(02-15-2022, 04:27 PM)Interceptor Wrote: You'll get your chance next year.

(02-15-2022, 06:12 PM)THE PISTONS Wrote: I should have went to college and majored in selling mattresses.

'Piston Mattresses' has a nice ring to it!

(02-15-2022, 01:50 PM)George Cantstandya Wrote: As I posted above it seems the promotion is sort of insurance.  If he won the bet he would have made $16.2 million but he lost but also added $20 million in increased revenue for his business and a lot of new customers.   So really his customers were betting along side of him.  If he won he made $16.2 million and his customers who spent $3,000 or more on mattresses or sofas got them free.  But he lost and still added about $20 million in new revenue including a bunch of first time customers.

Really it's kind of a smart play.  But he also does seem like a good person as mentioned in my post above.