Mattress Mack gives back $10 million on World Series bet
HOUSTON (FOX 26) - Jim "Mattress Mack" McIngvale is putting his money where his mouth is!
The Gallery Furniture owner is paying up $10 million thanks to a bet he made with customers over the summer on the World Series.
Mattress Mack promised to refund customers who spent at least $3,000 on Gallery Furniture mattresses, box foundations or adjustable beds if the Houston Astros won the World Series.
Now, those customers who took advantage of the limited-time wager can look forward to their pay out after the Houston Astros claimed the World Series Championship with a 5-1 win against the Los Angeles Dodgers in Game 7.
This isn't McIngvale's first time placing bets on his promotions. In 2014, Gallery Furniture offered full refunds to the first 500 customers who spent $6,300 or more if the Astros won at least 63 games. The Astros did win at least 63 games and Gallery Furniture ended up refunding about $4 million.
This time, however, McIngvale protected himself some.
"I can say we still made money on everything," McIngvale told ESPN.
ESPN reports that he paid an insurance premium of between 10 and 20 percent of the total value of what he had to pay out.
McIngvale even placed some bets in Las Vegas on the Astros.