Why 'Mattress Mack' Opposes Legalized Sports Betting in Texas
Vast bettor and chair empire owner Jim "Mattress Mack" McIngvale is against sports wagering in his home state of Texas.
McIngvale received the largest payout ever in sports betting, scoring $75 million after putting about $10 million on the line at numerous sportsbooks nationwide for his hometown Houston Astros to win the 2022 World Series.
In a surprising display of local protectionism, McIngvale told The Houston Chronicle on Tuesday that having to drive to Louisiana to place a bet "curbs his urges a thousand times over."– And he wants it to remain that way.
McIngvale has also made some high-profile losses, such as a $2.4 million wager on Essential Quality to win last year’s Kentucky Derby and a $1 million loss after betting on Houston to win the men's NCAA Tournament.
Change of Heart
Despite his affinity for sports betting, McIngvale is urging legislators not to support legislation proposed on Monday that would let voters decide on legalizing Texas mobile sports betting.
His current stance is a stark contrast to an op-ed he wrote in the Chronicle last year, titled "It's time for the Texas Legislature to legalize sports betting."
As Texans, we are all about personal choice. We love our sports, and we want to gamble on our favorite teams," he penned in the piece. “As a Texan proud of my roots, I’d rather the tax revenue from my bets directly benefit the people of Texas.”
So, what changed?
“I am the world’s most famous gambler because I am highly impulsive," McIngvale told Gallery Sports on Tuesday. "And I believe other gamblers like me are incredibly impulsive. If all you need to do to place a bet is pick up the phone ... it's too easy.”
Furniture Hedge
Interestingly, McIngvale's bets are far from being an example of impulsivity. They are meticulously planned and insured against any uptick in sales at his two Houston Gallery Furniture stores due to the publicity.
McIngvale runs a deal alongside his high-profile wagers where clients who spend over $3,000 on furniture get their money back if the bet wins. If it doesn't, McIngvale makes a profit by selling a large quantity of furniture.
This strategy allows Mack Mattress to manage risk. It also gives Texans an opportunity to financially engage with the outcome of a sporting event in a state where sports betting is outlawed. Who knows, perhaps there would be less interest in his deals if Texans could easily bet through a mobile app instead.
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