Mattress Mack Loses $3 Million on College Football Bet

Jim McIngvale, known as Mattress Mack, lost $3 million on a college football bet. The Texan furniture store magnate had his money on Texas Christian University (TCU) to upset the odds against the Georgia Bulldogs in the College Football Playoff National Championship.

McIngvale's bets included $1.5 million at DraftKings at +370, $500,000 at +400 with Caesars, and $130,000 at +380 with WynnBet. A further $1 million was placed on the spread, where he got TCU at +13. He stood to make $8 million from the wager if TCU came through, but they suffered a 65-7 beatdown.

McIngvale's high-stakes betting is famous because he hedges his monster wagers with promotions at his Galley Furniture chain of stores. In November last year, McIngvale landed a record-breaking $75 million win after betting $10 million on the Houston Astros to win the Major League Baseball World Series. However, McIngvale's most recent losses mirror those of last January. The 71-year-old started 2022 with an $11 million hole, a chunk of that courtesy of the Georgia Bulldogs yet again. He bet $6.1 million on Alabama Crimson Tide to win but the Bulldogs landed an emphatic 33-18 victory, while he lost another $2 million when the Buffalo Bills beat the New England Patriots in the NFL.