Mattress Mack bets big on Astros in Mississippi
With his “Win it All” Astros-related sales promotion winding down and the playoffs about to start, Gallery Furniture owner Jim McIngvale placed a $3.5 million wager at a Mississippi casino Tuesday on the Astros to win the World Series.
McIngvale placed the bet at the DraftKings sports book at the Scarlet Pearl Casino in D’Iberville, Miss. At odds of 2.2-to-1, he will clear $7.7 million if the Astros win the World Series.
“I have a happy feeling about this,” McIngvale said. “I’m a huge Astros fan, and at the end of the day, this is about the Astros and about our customers. I’m happy all the way and hope that the Astros can win 11 more games this year.”
McIngvale placed the bet as a hedge against the possibility that he will have to refund $15 million or more in mattress purchases made by customers as part of Gallery Furniture’s “Win it All” promotion. Customers who make qualified purchases of $3,000 or more will receive refunds if the Astros win the World
While DraftKings and Scarlet Pearl commemorated the wager with a cashfilled briefcase during a news conference with McIngvale at the casino, McIngvale said he actually wired the money Monday night.
“I just went there today to do the paperwork and get the ticket,” he said. “It was pretty seamless, and the guys here from DraftKings and the casino were Series. great. They were very accommodating.”
McIngvale planned to return to Houston later Tuesday and said he will be back at the store on Wednesday to continue the Astros-related promotion. The promotion was scheduled to end Tuesday, but McIngvale said it will continue for at least a couple of days.
While he was in Mississippi, McIngvale said he would consider trying to drum up some furniture business as well.
“The owner here may need some mattresses,” he said.
LuAnn Pappas, the casino’s CEO, said the wager was the largest placed in Mississippi since the state allowed sports betting last year, and it is believed to be one of the largest wagers ever played in a U.S. sports book.
“It is history-making for Mississippi, and one of the top 10 nationwide in terms of bets in a sports book.” she said.
McIngvale also has placed smaller wagers in Las Vegas and has said he will consider more bets to cover the potential refunds should the Astros win the Series. Customers also have the option of taking 150 percent of their purchase in store credit, and McIngvale said about 40 percent of customers do so.
Customers sign a sixpage contract when entering into the mattress promotion that includes the stipulation that they will be required to pay taxes on the value of their refund. One local tax consultant said that could amount to a 37 percent tax on the $3,000-plus refund, depending on the individual’s tax bracket.