Mattress Mack's Massive Sports Betting Losses: $11.4M Down the Drain

Jim 'Mattress Mack' McIngvale, the 70-year-old owner of the Gallery Furniture retail chain, has had a rough stretch in the sports betting world, losing a staggering $11.4 million over just ten weeks. McIngvale's net worth is estimated at $300 million, but even for him, these losses are significant.

McIngvale's bad run started last November when he lost $3.3 million betting on the Houston Astros to beat the Atlanta Braves in the 2021 MLB World Series. The Braves won 4-2, marking the beginning of McIngvale's losing streak. Last Monday night, he wagered $6.1 million on the Alabama Crimson Tide to win the NCAA, but the Georgia Bulldogs secured the title with a 33-18 win. Five days later, another $2 million went down the drain as the Buffalo Bills beat the New England Patriots 47-17.

McIngvale uses these massive bets to offset promotions at his stores, where customers spending more than $3k can receive their money back if his bets come in. When they don't, as in recent weeks, he relies on his furniture profits to balance the books. Despite the losses, McIngvale stood to win $84.8 million had all his bets come in.