Mattress Mack won $75 million after the Astros beat the Phillies in last year’s World Series. But since then, he’s lost a substantial amount of that profit.
First, he lost $3 million on TCU as it lost 65-7 to Georgia in the College Football Playoff National Championship Game. Then, he wagered $2 million on the Cowboys to beat the 49ers in the NFC Divisional Round. That, too, ended in defeat.
Then, on Saturday, Mack lost $1.2 million betting on the favorite Angel of Empire at +300 odds. The horse trailed the pack the entire race and tried to pull ahead in the final 3/8 mile, only to come up short and finish third, trailing Two Phil’s and the winner Mage.
This isn’t the first Kentucky Derby where Mack — whose real name is Jim McIngvale — has lost big. In 2021, he also put over a million — $2.4 million in fact — on the favorite, Essential Quality.
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Akin to this year, Essential Quality finished third, enough to be in the money, but not enough to get Mack his payout returned.
These horse wagers aren’t a part of his promotions — which is how he normally justifies his large wagers.
Ordinarily, Mack uses sports wagers to pay off promotions he runs at his furniture stores. A typical 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 on the local team in question.
As a result, the $75 million he won on the Astros is far less contingent on the payout he was liable to pay his customers.
