Mattress Mack is back.
The famous furniture magnate is doing what has made him famous outside of Houston — betting on the Astros as insurance to pay back a potential promotion if they win it all.
Last Thursday, Jim "Mattress Mack" McIngvale placed a $10,000 bet on the Astros at 30-1 to win the World Series at the South Point in Las Vegas. He then flew to the Scarlet Pearl Casino in Mississippi on Tuesday morning to get more down, placing $250,000 at 24-1 odds for the Astros to win the whole thing as well as $250,000 at +150 odds for them to win Game 1 of their Wild Card series against the Minnesota Twins on Tuesday afternoon.
If the Astros win the World Series, between his two futures bets, McIngvale would net $6.3 million. If they win Tuesday's opening game against Minnesota, he would net $375,000.
McIngvale told The Action Network that he has a little less than $6 million in exposure from a furniture promotion that would pay off if the sixth-seeded Astros won the 2020 World Series.
While sales slowed down in the first months of COVID-19, McIngvale said his Houston area furniture stores are booming again.
"They're coming in in droves," McIngvale said. "I mean, how long can you stare at that nasty couch?"
McIngvale famously lost more than $13 million on the Astros last year when they lost the World Series to the Washington Nationals. He bet on the team to hedge a similar promotion that would pay back customers if the team won the World Series. Because they didn't win it all in 2019, "Mack" came out ahead, having not had to give roughly $25 million in rebates.
