Wow have you heard about Mattress Mack--
Jim “Mattress Mack” McIngvale won what is believed to be the largest payout in sports betting history, about $75M, as the Houston Astros clinched the World Series with a 4-1 victory over the Philadelphia Phillies in Game 6 this past weekend. Afterward, CBRE Equity Research analyst John DeCree noted that multiple companies cited wagers from Mattress Mack on the Astros on third quarter earnings calls, with Penn Entertainment (PENN) going so far as to call out the outcome of the Astros as being the determinant between breakeven and profit in their digital segment in the fourth quarter.
BET ON ASTROS:The Texas furniture store owner placed a $3M bet on the Astros to win the title at 10-1 odds on Caesars (CZR) Sportsbook’s mobile app. While that was his largest single bet, Jim “Mattress Mack” McIngvale also placed approximately $7M more in bets on the team over the summer at various sportsbooks. According to
ESPN, McIngvale uses the betting market to mitigate risk on promotions at his Gallery Furniture store that are based on the winner of big sporting events. Sportsbooks Betfred took a $1M bet on the Astros from McIngvale in Iowa.
$75M TO HIT SPORTSBOOKS IN Q4:Commenting on Mattress Mack's big win, CBRE Equity Research analyst John DeCree highlighted that while the furniture empresario placed bets across various sportsbooks to accommodate the $10M in wagers placed, Caesars Sportsbook was the primary platform, taking a $3M wager at 10-to-1 odds to pay out $30M. Caesars' payout to Mack is the largest legal sportsbook win in the U.S., the analyst noted. Secondary books also have obligations. U.K.-based sportsbook Betfred took a $1M bet at 5-to-1 odds in their Iowa online sportsbook, totaling a payout of $5M, “significantly larger” than any bet the company has taken since launching in the U.S. Both Penn Entertainment and BetMGM (MGM) are estimated to have taken about $2M wagers from Mack with $10M payouts, followed by several other sportsbooks, including Wynn Interactive (WYNN) on the hook for $5M on a $1M bet, DeCree wrote.