Mattress Mack has placed a $1 million bet that the NCAA champion will be from the East Region.
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Why does Mattress Mack bet so much?
Mack has 20 million reasons for his wager, the biggest one being a business decision. Gallery Furniture is owned by McIngvale and he is hedging a big furniture promotion.
How much will Mattress Mack win on his bet?
If the Jayhawks win, he would make $10.4 million from his bets. Mack has a reputation for using sports bets to hedge his promotions. If a Texas-based team won the title, the current promo guaranteed free furniture for all customers who purchased at least $3000 worth of furniture.
Did Mattress Mack win the bet?
Mack made $11.2 million from the NCAA Tournament. He bet $1 million on a team from the East Region to win the tournament, but lost all of his money.
Why is Mattress Mack famous?
James Franklin McIngvale, also known as “Mattress Mack”, is a businessman who lives in Houston, Texas. He has a retail chain called Gallery Furniture.
How does Mattress Mack cover his bet?
In an interview with CNBC, Mack said he bets on sports as an insurance hedge for the sales promotions he runs to draw customers into his furniture stores. If theBengals win the Super Bowl, the current promotion will give refunds on purchases over $3,000.
When was the last time Mattress Mack won a bet?
Alabama lost the College Football Playoff because of his bet. He made a $3.4 million wager on the Super Bowl. Mack said that the bets were tied to the store promotion.