Mattress Mack Places Historic Kentucky Derby Bet

Jim McIngvale, also known as Mattress Mack, is on his way to the Kentucky Derby to place a record-setting wager. The furniture store owner in Houston has made a name for himself in the sports betting world. For years, Mack has placed huge million-dollar bets on major sporting events, including the World Series and the Super Bowl.

The businessman often ties his wagers to furniture promotions while helps to boost his successful Texas business. This week, Mack has decided to head down to the Churchill Downs to place the largest wager in the history of Kentucky Derby betting.

Mack feels good about Essential Quality, the 5 to 2 favorite to win the event. He plans to bet a considerable amount of cash, ranging from $2 to $4 million.

Playing the Odds

No stranger to sportsbook betting, Mack has done his homework on the popular horse race. He knows that the favorite has won the Kentucky Derby in the last six of seven races, and he has about an 85% chance to win the bet.

Mack said:

My dilemma as a gambler is how to feed money into the pari-mutuel pool without killing the odds.”

Several horse racing outlets have estimated that a multi-million dollar bet on the Kentucky Derby on a 3 to 1 favorite to win the race would shift the odds to around 2 to 1. Mack pointed out that the size of the horse racing pool and why he is betting on the race.

He is hopeful that because the Derby is popular and so many people bet, more wagers will be placed on a horse name that a bettor likes or simply others aside from the favorite. Mack is hoping that he will end up with 3 to 1 odds.

The Kentucky Derby is expected to see a large number of bets this year. Last year, the betting totals dropped considerably as the race was moved to September. Due to the COVID-19 pandemic, fans were not allowed to attend, which also affected the number of bets placed. Only just over $79 million was wagered on the event in 2020, which is more than 50% less than the $165.5 million wagered in 2019.

With this bet, Mack is offering a new promotion called Kentucky Derby Fave Wins. Customers of Mack’s furniture store that purchase a specific mattress set of $3,000 or more will be reimbursed for their purchase. A full refund will be provided, or customers can receive 150% of the mattress total in in-store credit.

It’s promotions like this that get shoppers excited and into Mack’s store. The potential to have a purchase refunded has mass appeal and is why Mack has been so successful over the years.

Big Bettor

Mattress Mack is definitely a gambler, posting millions in wagers over the years. He earned a big win earlier this year when he placed a hedge bet of $3.4 million on Tampa Bay to win the Super Bowl over the Kansas City Chiefs. That bet scored him $2.67 million.

The Super Bowl bet was a big win for Mack, especially after losing $13 million betting on the Houston Astros during the 2019 World Series. While he took a monetary hit, Mack sees the bets as a brand-building experience. His furniture stores receive publicity from the bets and promotions he associates with the wagers, which leads to more sales for his company.

Mack is not only a gambler and intelligent businessman, but also a beloved member of the Houston community. He often helps the local community in more ways than one. In February, a winter storm hit the area hard, and he opened up his store to those in need of shelter.

He is also a strong advocate for foster children and has worked with Churchill Downs, the home of the Kentucky Derby, in the past to support foster parents and children.