Massive World Series Gambling Loss Turns Out To Be Hedged Bet
The 2019 World Series certainly had a few surprises in store for Houston Astros fans and ultimately, the result was devastating for those expecting to rest their lucky heads on the soft mattress of good fortune. If the recent stench of disappointment has yet to reach those who placed hefty wagers on the Houston Astros, there might still be hope for you, especially if you had strategized just as perfectly as Jim McIngvale.
The World Series was one of the most intense gaming events of the sporting year and as a result, along with high tension, numerous high wagers were placed on what was thought to be the favourites of the match. Despite popular belief and encouragement from the bleachers, the Houston Astros swung a miss and as many bets were lost that day, one mattress salesman made a bet many had wished to think of.
The 68 year old Jim McIngvale, an owner of a Houston furniture chain, is now referred to as Mattress Mack following the events of the game. The Houston Astros sports fan lost $11 million throughout the month of October in three different states in the US. However, should his bets have paid off he would have walked away with millions in profit. McIngvale had faith in this method as he had similar bets in 2017, bets which did in fact pay off.
However, as fate would have it, Mack felt the brunt when he lost everything he had wagered and some might think it was a severe loss but Mack told reporters he ‘would do it all over again’ if given the choice. You see, Mack got the kind of publicity any salesman would dream of after receiving so much press during the aftermath of the match. McIngvale told online tabloids that not only would he do it all over again tomorrow but that it was great to be a part of the ‘greatest story in gambling history’, something many would covet after having had made millions in sales when his bets went viral. Many would assume that he placed wagers in favour of the Astros but in fact, a win could have cost Mack even more than a loss by the Astros but there is more to the story than one would imagine.
As it turns out, Mattress Mack isn’t limited to sportsbook betting but rather the innovative salesman places wagers with his customers also. McIngvale doesn’t place all his eggs in one basket, he spreads them over a number of customers who are good on their wager and the result was well worth the effort. The bet was that should the Houston Astros take the win, all the mattress purchases that range over $3000 would be refunded to paying customers. Had the Astros won, the businessman would have suffered a devastating loss of just over $20 million. While many would drop their jaws at this staggering amount, one has to admit the game must have been all the more fun for Mattress Mack and the Astros losing must have made this fan one happy customer of his own unwittingly betting on the underdog. As it turned out, the hedged bet worked out perfectly for the mattress salesman and as he put it, the worst that could his customers got great mattresses and the best part for them, they would have gotten the mattresses for free. McIngvale proceeded to say that despite having wanted the Astros to win he placed his strategic bet based on the past two games which were played poorly.
Mattress Mack’s company, Gallery Furniture, received publicity from TV media, the radio and even word of mouth. So far the mattress kingpin has managed to garner over $8.6 million and that is just after the play offs. The reason for Mack spreading his bets far and wide was due to betting limits but there was one jaw dropping bet which he made at the Scarlet Pearl casino located in Mississippi which totalled to a whopping $3.5 million. Thankfully Mack received that and more back in cash just shortly after the Astros lost. Another bet of $1.5 million was made by Mattress Mack at the Meadowlands sportbook which is allegedly one of the largest wagers placed online in the history of New Jersey. Needless to say, all online casinos involved with the massive bets have also been receiving much wanted attention and drawn in new customers hoping to get as lucky as Mattress Mack, but not many can hedge a bet as well as Jim McIngvale, although many could try.
So as many Astros fans would have felt the loss of the World Series, not all felt the same loss, rather the loss was a welcomed one and even paid off impressively.