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Jim “Mattress Mack” McIngvale, the Houston furniture salesman known for placing giant hedge bets, has done it again – this time with the biggest single bet he has ever placed.
On Thursday, McIngvale drove across the Texas border into Louisiana, stopped at a gas station, logged on to his mobile betting account at Caesars Sportsbook and placed $ 4.5 million in bets on the underdog Cincinnati Bengals at +170 odds of disrupting the Los Angeles Rams’ favorite Super Bowl LVI. If Bengals spring upset, the bet would yield $ 7.7 million.
“I had to make twenty $ 200,000 bets to make it work,” McIngvale told ESPN Thursday night. “But I want to thank Caesars for taking it.”
Caesars Sportsbook said it was the second-largest bet the company has ever made at the Super Bowl, overshadowing a $ 4.9 million cash line bet at -900 odds on the highly-favored St. Louis Rams to beat the New England Patriots in Super Bowl XXXVI. The Patriots won 20-17.
The Return of the Mack to the Super Bowl‼ ️@MadrasMack has just bet $ 4,534,000 on #CaesarsSportsbook app in Louisiana on Bengals (+170) to win over Rams.
Potential profit: $ 7,707,800
This marks the largest single mobile investment ever 👀#BetLikeACaesar pic.twitter.com/pBJjtU9x49
– Caesars Sportsbook (@CaesarsSports) February 4, 2022
“The Joe Burrow magic draws fans in, especially in Louisiana with its college roots,” said Ken Fuchs, sports director at Caesars Sportsbook, in a statement. “With this $ 4.5 million bet on Joe and the Bengals, Mack will make history again.”
McIngvale often uses the sports betting market to reduce its risk associated with furniture distributions. For example, last season he spread about $ 13 million in bets on the Houston Astros to win the World Series, while offering to reimburse anyone who spent more than $ 3,000 on furniture in his store. The Astros lost in the World Series. He said he will do it again on his bet on the Bengals and refund anyone who spends $ 3,000 on furniture if Cincinnati wins the Super Bowl.
McIngvale bet $ 3.46 million on the Tampa Bay Buccaneers +3.5 at last year’s Super Bowl as part of a promotional giveaway in his store. The Buccaneers delivered with a convincing upset by the Kansas City Chiefs, but McIngvale has been on a cold streak recently. He lost $ 4.7 million on a week-long football bet in January, highlighted by a $ 2.7 million money-line bet on Alabama in the national championship game that Georgia won. The following week, McIngvale saw $ 2 million in futures bets he placed on the Patriots to win the Super Bowl go up in flames with a 47-17 loss to the Buffalo Bills in the first round of the playoffs.
“I’ve always said that a setback is just a setup for a comeback,” McIngvale said.
Bengals fans hope he is right.
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