I was amused to learn that a furniture dealer in Houston has not only won the biggest payout ever in sports betting, but he's sharing it with his customers.
Mattress Mack is laughing all the way to the bank.
The Astros superfan, whose real name is Jim McIngvale, raked in $75 million in winning bets after Houston won the 2022 World Series on Saturday, defeating the Phillies in Game 6. According to multiple reports, the $75 million is believed to be the largest payout in sports betting history after he placed $10 million in bets across several sportsbooks.
. . .
“What can we say? We just wrote the biggest check in sports betting history to Mattress Mack for $30,000,000,” Caesars Digital COO Ken Fuchs said Saturday night, according to ESPN.
A chunk of Mattress Mack’s winnings will go toward paying customers on a promotion he ran at his furniture store, which gives customers refunds of double what they paid if they spent at least $3,000.
There's more at the link.
Whether one approves of gambling or not, that's a heck of a play - and I bet Mack's customers are laughing all the way to the bank. Well done, that man!
Peter
I've read about this fellow before. Every year, he offers customers a rebate guarantee if the Astros win the World Series. For most promotions like this, the owner would either eat the risk himself, or go to a re-insurer like Lloyds for an insurance policy to act as a hedge. (Taco Bell did the latter when they had the bullseye in the Pacific for Mir to hit.) For a sports hedge, it's cheaper to go place a sports bet, so he has for years.
ReplyDeleteMost years, Mattress Mack is one of the largest sports book losers, which is why the casinos will make his book. But this year the Astros won, so Mack has to win via the hedge, not his business.
And he stands by his word!
ReplyDelete