Mattress Mack went to the Kentucky Derby on Saturday and lost $1.2 million betting on the favorite, Angel of Empire, at +350 odds.
He's lost millions, he says, betting against Patrick Mahomes, too.
That's what the Texas mattress king and audacious sports bettor told Mahomes when they were both at Churchill Downs for the race. Mahomes was present to deliver the "riders up" call before the race.
"You cost me millions betting against you," Mack said, according to Bleacher Report.
"I appreciate it," Mahomes said with a chuckle. "Sorry about that one. Gotta be with me next time."
"You cost me millions betting against you."
Mahomes and Mattress Mack linked up at the Kentucky Derby 😂 pic.twitter.com/gqMYe7FAC4
— br_betting (@br_betting) May 6, 2023
Mack — whose real name is Jim McIngvale — has been on a bad run of late. Since the New Year, he's lost $3 million betting on TCU vs. Georgia in the College Football Playoff National Championship Game, $2 million on the Cowboys to beat the 49ers in the NFC Divisional Round and now $1.2 million on the Kentucky Derby.
That losing streak has come months after he won $75 million after the Astros beat the Phillies in last year’s World Series.
But, much of that money went back to his customers.
Typically, Mack places these inordinately sized wagers as a hedge on mattress promotions. An ordinary promo affords users who pay $3,000 or more on mattresses a full refund if the local team wins.
Mack then hedges that liability by betting a future or moneyline bet on the local team in question.
The wagers on TCU, the Cowboys, Angel of Empire and against the Chiefs weren't hedges, though. That's just straight skin in the game.
