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Mattress Mack: Bettor puts $3.5 million on Astros to win World Series
2nd October, 12:16The Houston Astros enter the 2019 postseason as the odds-on favorite to win the World Series. One bettor is banking on them to win it all in in a big way.
Houston mattress salesman Jim "Mattress Mack" McIngvale placed a $3.5 million bet on the Astros at +220 odds on Tuesday at the DraftKings sportsbook in Mississippi. If the Astros hoist the trophy by the end of the month, McIngvale will net $7.7 million.
McIngvale offers a promotion at his stores that promises to refund purchases of $3,000 or more if the Astros win the World Series. His stores advertised the same deal in 2017, when Houston won its first World Series, and it cost him more than $10 million.
The bet serves as a hedge for him to help offset the costs; he told The Action Network his liability is more than $15 million. McIngvale also said he shopped around for the best price this year with more states legalizing sports betting.
"I had a lot more markets to shop around to," he told The Action Network. "It's the biggest bet of my life and I'm thrilled DraftKings and the Scarlet Pearl was willing to take it."
According to ESPN, the $3.5 million wagered is almost how much was bet on baseball at the Scarlet Pearl sportsbook in the months of June, July and August combined.
"I think it's the biggest (bet) that's ever happened in Mississippi," DraftKings chief revenue officer and co-founder Matt Kalish told ESPN.
Any losses McIngvale incur are minimal in the grand scheme of things -- his stores take in an annual revenue of $150-200 million, he said.