Jim “Mattress Mack” McIngvale bet a combined $4.05 million on the Houston Cougars to win March Madness for a potential payout of nearly $40 million.
McIngvale, known for the Gallery Furniture retail chain operating out of Houston, Texas, began putting money down on the Cougars earlier in the season for a combined total of $4.05 million. USA Today broke it down as follows:
Early in the season Mack put down $1.05 million on Houston (+850) at FanDuel Sportsbook, added another $1 million on Houston (+900) at DraftKings and dropped $1 million on Houston (+800) at Caesars Sports. As the tournament drew closer, Mack dropped another $500,000 each on Houston at BetMGM (+1000) and Barstool Sportsbook (+900).
That’s a $4.05 million wager for an astounding $39.475 million payout including his stake. It wouldn’t be surprising if Mack adds a little more onto his bet if Houston advances to the Final Four, either.
McIngvale earned a $75 million payout when the Houston Astros took home the 2022 World Series title, a good portion of which he pays back to customers who purchase in his stores. This year, should McIngvale win March Madness, customers who purchase more than $5,000 in his stores will get their money back.
According to ESPN, Houston is the favored team to win with a 6 to 1 betting favorite.
Jim “Mattress Mack” McIngvale hypes the crowd as the Norfolk State Spartans play the Houston Cougars at Fertitta Center on November 29, 2022 in Houston, Texas. (Bob Levey/Getty Images)
“The 6-1 odds are tied for the longest odds for a pretournament favorite since the field expanded to 64 teams in 1985. The four No. 1 seeds are the top four betting favorites, though the West appears loaded. Four of the top nine favorites are all in the West,” noted ESPN.