Mattress Mack Bets Big on Astros, Placing $516K Wager for Potential $13 Million Payout

Jim “Mattress Mack” McIngvale, a prominent furniture salesman and notable sports bettor, has placed a substantial wager of $516,000 on the Houston Astros to win the World Series. The bet was facilitated through Kalshi, a prediction market, and carries a potential payout of $13 million should the Astros clinch the championship.

McIngvale’s bet is intertwined with a promotion at his Gallery Furniture stores, where customers spending $4,000 or more receive their purchases refunded if the Astros win the World Series. He stated that the store already had significant liability from this promotion, estimated at $4 million, and that the bet served as a hedge.

"Well, we’ve been running the promotion for a while, so we have some built-up liability already," McIngvale told The Post. "Baseball is a very random game, and the Astros have more home runs than anybody."

He added that the team's performance throughout the season, despite some struggles, has not deterred his confidence. "They’ve done it before, we’re happy to jump on the ride and bring our customers with them."

This is not McIngvale’s first substantial sports wager. In 2022, he won a reported $75 million betting on the Astros to win the World Series, a payout that was not entirely his and was part of a strategy to mitigate risks associated with his promotional offers.

McIngvale chose Kalshi for this wager, noting its operations within Texas, where traditional sports betting is not yet legal. He highlighted the flexibility and potential interest gains from holding funds on the platform. "I had a price in mind for the hedge, and the sportsbooks were about 18/1 after they clinched, and I wanted to get higher than that," he explained. "I talked to Kalshi, and they connected me with these market maker guys, and they got me the price of 24/1."

He also detailed the financial implications of his customer promotions, mentioning that in 2022, when the Astros won, the company refunded $74 million to customers. He acknowledged that processing these refunds, especially via credit card, incurs significant fees that he absorbs.

"Most of the time it’s a hedge, but we might come back $500,000 or a million ahead, but we might get killed by the credit card fees," McIngvale said. "As you know, when a local team is involved, that’s what it’s all about mentally, in a challenging retail environment."

McIngvale expressed satisfaction with the convenience of using Kalshi, avoiding the need to travel to place such a bet. The Astros were set to begin their Wild Card series against the White Sox on Tuesday.

Mcingvale has a history of backing Houston sports teams, including the Houston Cougars in college basketball, but his most notable successes have been with the Astros.