HomeSportsMattress Mack Lost $35 Million in the Sweet Sixteen on Friday Night

Mattress Mack Lost $35 Million in the Sweet Sixteen on Friday Night

by Nick Geddes
Mattress Mack
(Photo by Bob Levey/Getty Images)

Jim McIngvale, popularly known as “Mattress Mack,” might want to sit out on betting during the remaining games of the 2023 NCAA Tournament.

McIngvale, known for placing monster bets on his favorite teams, did so once again for March Madness — putting down $4.05 million on Houston to be the team to cut down the nets next Monday in the National Championship game. And with the No. 1 seeded Cougars taking on No. 5 Miami in the Sweet 16 Friday, McIngvale decided to up the ante. Before tip-off, McIngvale put another $100,000 down on a Houston-Texas parlay.

“I’m rooting hard for my Coogs and the Longhorns too!” McIngvale wrote on Twitter. “In fact, I put my money where my mouth is and bet on both to win tonight, setting them up for a matchup against each other in the Elite 8! Go Coogs! Hook ‘em Horns!”

All that did, in the end, was increase the amount in which he lost. Miami dominated Houston, 89-75, to advance to the Elite Eight. In total, Mattress Mack lost $4.15 million. Had Houston ran the table, the 72-year-old would have been $35 million richer.

To make matters worse, McIingvale found out while checking his phone. It’s unknown if he was able to watch the action as he attended an event in Las Vegas for Horseshoe and Caesar’s Sportsbook on The Strip.

Mattress Mack is a Betting Machine

McIngvale is the owner of the Gallery Furniture retail chain in Houston, Texas. He’s become known on a national stage for his bets — most notably on the Houston Astros in MLB. He became the biggest winner in sports gambling history in November when the Astros defeated the Philadelphia Phillies to win the 2022 World Series. McIngvale took home $75 million after betting a total of $10 million. He earned the bulk of his winnings from Caesars, who paid him $30 million.

Unfortunately for McIngvale, it’s been downhill since. He placed $3 million in bets on TCU to defeat Georgia in the College Football Playoff National Championship game in January. Georgia routed TCU, 65-7.

“That was a beatdown,” Mack told Action Network after the game. “The only thing worse would have been to have bought a commercial during the fourth quarter,”

McIngvale didn’t give up. He then placed a $200,000 bet on the Dallas Cowboys to win the NFC. If Dallas had reached the Super Bowl, it would have netted him a $1.45 million payout. As we all know, the Cowboys did not win the NFC.