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New Jersey sports books could lose millions to high roller 'Mattress Mack' if Astros win W
Posted on 10/29/19 at 11:11 am
Posted on 10/29/19 at 11:11 am
LINK
quote:
The Houston Astros are one game away from winning the World Series, something that would be costly for New Jersey sports books — largely due to one bettor who doesn't even live here but has wagered around $4 million on the Astros winning it all.
Jim "Mattress Mack" McIngvale has been making headlines back in his home state of Texas for the large bets he has been placing on the Astros to win it all. The furniture mogul who owns three Gallery Furniture stores in Houston is offering a promotion to his customers where he would give full refunds up to $3,000 if the Astros win.
"I believe in the Astros,'' McIngvale told the Asbury Park Press. "I've watched them play all year."
The bets are in part a hedge against the cost of the promotion, said Darren Rovell, a sports business analyst and betting expert who works for Action Network.
The Astros lead the best-of-seven World Series 3-2 heading into Tuesday night's game against the Washington Nationals.
McIngvale had a similar promotion at the furniture stores in 2017, when the Astros defeated the Dodgers in the World Series. He lost $13 million in sales on the promotion.
"I think he's doing this seriously," Rovell said. Adding, "he's in a tough position because of this promotion."
quote:
All of McIngvale's bets, in and outside New Jersey, on the Astros winning the World Series total about $11 million, which would make him a $19 million profit, according to Rovell, who has been tracking McIngvale's bets.
"I’ve been covering the betting business for 20 years and I am pretty sure this is the biggest bet of all time on one team collectively," Rovell said.
6
Posted on 10/29/19 at 11:16 am to TechDawg2007
Another dumb pro gambling propaganda piece put out by gambling interests. Seeing more and more of these, just like all we read about the lottery is who won.
Gambling is for losers who have no money sense. The only winner in gambling is the one who controls gambling. Society and individuals pay their wages.
Gambling is for losers who have no money sense. The only winner in gambling is the one who controls gambling. Society and individuals pay their wages.
Posted on 10/29/19 at 11:17 am to TechDawg2007
I’m sure they’ll be okay
Posted on 10/29/19 at 11:18 am to TechDawg2007
Thoughts and Prayers with the books during this difficult time. God bless them.
Posted on 10/29/19 at 11:19 am to TulaneLSU
quote:
Gambling is for losers who have no money sense.
How much did you lose baw?
Posted on 10/29/19 at 11:35 am to TechDawg2007
Mac has been doing this for 30 years, he buys insurance to hedge against major losses.
It's all marketing
It's all marketing
Posted on 10/29/19 at 11:39 am to TechDawg2007
quote:
The furniture mogul who owns three Gallery Furniture stores in Houston is offering a promotion to his customers where he would give full refunds up to $3,000 if the Astros win.
quote:
has wagered around $4 million on the Astros winning it all.
this is just good business sense.
this will make up for the $13 million he lost the last time and help pay for the promotion this time around as well.
just being a shrew businessman.
Posted on 10/29/19 at 11:40 am to The Torch
quote:
Mac has been doing this for 30 years, he buys insurance to hedge against major losses.
yep.
Posted on 10/29/19 at 11:41 am to TechDawg2007
i dont understand how ive never even seen a person step foot into a mattress store yet this guy has $10+ million in liabilities on just mattress sales this year
Posted on 10/29/19 at 11:43 am to Captain Crackysack
quote:
i dont understand how ive never even seen a person step foot into a mattress store yet this guy has $10+ million in liabilities on just mattress sales this year
Gallery Furniture is a little more than a mattress store
Posted on 10/29/19 at 11:48 am to bad93ex
i get that but isnt the promotion for mattress purchases? or is it for all purchases from gallery?
Posted on 10/29/19 at 11:51 am to TulaneLSU
quote:
Member since Aug 2003
quote:
Member since Aug 2007
50/50 odds everyone, place your bets right here!!!
Posted on 10/29/19 at 11:52 am to Captain Crackysack
quote:
i get that but isnt the promotion for mattress purchases? or is it for all purchases from gallery?
Yes the promotion is for mattresses;
"We have a promotion, if the Astros win the World Series, if you buy a mattress you initially got a hundred percent of your money back, now its 50 percent of your money back or 100 percent in store credit back, so a lot of customers buying mattresses,” says McIngvale.
So you buy that mattress set or mattresses for your house then buy the rest of the furniture after the Astros win the World Series.
KHOU 11 Article
This post was edited on 10/29/19 at 11:54 am
Posted on 10/29/19 at 11:53 am to CAD703X
quote:
quote:
Mac has been doing this for 30 years, he buys insurance to hedge against major losses.
yep.
Great national publicity for him and great advertising for the sportsbooks.
He had probably gotten ten dollars of free advertising for every dollar this promotion has cost him.
Posted on 10/29/19 at 11:57 am to bad93ex
quote:
dont understand how ive never even seen a person step foot into a mattress store yet this guy has $10+ million in liabilities on just mattress sales this year
Gallery Furniture is a little more than a mattress store
This.
Gallery furniture has always been an event. Free pizza, petting zoos and shite. During Harvey he opens his doors to the flooded. Gets tons of free publicity from coverage. Then sold those mattresses at a discount.
Remember Kerri Strug the Olympian that stuck a landing on an injured ankle in the olympics? Who ships a recliner out to her during the games and helps carry her out to the gym floor in the chair? Mack.
Posted on 10/29/19 at 12:01 pm to CAD703X
quote:
this will make up for the $13 million he lost the last time and help pay for the promotion this
He had promotion insurance last time but apparently this time they wouldn't cover the promotion so he made his own insurance policy AKA the $11 million in bets.
Posted on 10/29/19 at 12:03 pm to bad93ex
quote:
Yes the promotion is for mattresses;
I am pretty sure that he has his own line of Macopedic mattresses that the promotion applies to. He is probably making 300% profit or more on those suckers at $3K+ for a set. If the Astros win he takes a loss on the retail price and saves himself a ton in taxes on all the other furniture he sold this year, meanwhile I have seen 100 articles and news stories on him, so he probably gets $12M in advertising from the event. The man is brilliant.
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