Consider Jim “Mattress Mack” McIngvale the leader of the Houston Cougars fan club again this year, as he announced a $1 million bet on the team to win the men’s NCAA Tournament.
At +750, McIngvale stands to win $7.5 million at Caesars Sportsbook if the Cougars do win March Madness 2024.
The furniture tycoon and notorious gambler has been on the Cougars to win March Madness before, having wagered $4.05 million in commutative wagers on his hometown team in 2023.
Houston was long considered the favorites last season before succumbing to the fifth-seeded Miami Hurricanes in a massive Sweet 16 upset.
They are the No. 1 team in the country this year, sitting atop the Big 12 and with a 24-3 overall record.
The Cougars bring back some key members of their roster from last season in guards Jamal Shead and Emmanuel Sharp while replacing Marcus Sasser’s production with transfer Baylor guard L.J. Cryer.
McIngvale consistently bets on teams in his own backyard, having won $75 million on the Astros when they captured the 2022 World Series.
He recently lost $500,000 on the Houston Texans against the Baltimore Ravens in the NFL playoffs and another $1 million on Texas in the College Football Playoff in January.
McIngvale uses these sports betting endeavors to pump up his Gallery Furniture store.
His wagers turn into promotional items by telling customers to make a purchase of at least a certain amount; if the team he bets on wins, the items are free.
The customers pay for the items in advance of any bets winning, and if he does snag a winning wager, the purchaser can simply bring back their receipt for a full refund.
After the massive $75 million win on the Astros to win the World Series, McIngvale had been frustrated with some sportsbooks who wouldn’t take his action.
“The industry needs to go up as far as what you’re going to take, not down,” McIngvale said at the SBC Summit North America conference in New Jersey in 2022.
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Caesars has been taking a boatload of his action in recent years, but they also paid out $30 million of the $75 million he was owed after the Astros won.
The following year, Mack lost $7.9 million on the Astros to win the World Series while the Rangers eliminated them from the playoffs.