Prodigious gambler and furniture tycoon Jim “Mattress Mack” McIngvale does not support sports betting in his home state of Texas.
In a moment of jaw dropping nimbyism, McIngvale told The Houston Chronicle Tuesday the fact that he has to drive to Louisiana to place a bet “limits his impulses by a factor of 1,000,” and he wants it to stay that way.
McIngvale was the recipient of the biggest payout in sports betting history, $75 million, last year when he placed around $10 million on the Houston Astros to win the World Series across various sportsbooks.
He’s also booked some highly publicized losses, such as a $2.4 million bet on Essential Quality to win last year’s Kentucky Derby and a $1 million on Houston to win the men’s NCAA Tournament.
Change of Heart
But he is urging lawmakers not to support legislation introduced Monday that would ask voters to decide whether to legalize mobile sports betting.
McIngvale’s line is a far cry from an op-ed he authored in the Chronicle last year titled “It’s time for the Texas Legislature to legalize sports betting.”
As Texans, we are all about freedom of choice. We love our sports, and we want to bet on our favorite teams,” he wrote in the piece. “As a proud Texan, I would much rather have 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 very impulsive,” McIngvale told Gallery Sports Tuesday. “And I feel like other gamblers like me are very impulsive. And if all you have to do is make a bet is pick up the phone … it’s too easy.”
Furniture Hedge
Interestingly, there’s very little that’s “impulsive” about McIngvale’s bets. They’re carefully calculated and hedged against expected sales increases at his two Houston furniture stores, Gallery Furniture, that are driven by the publicity.
McIngvale runs a promotion along with his highly publicized wagers where customers who spend $3,000 or more on furniture get their money back if the bet comes off. If it doesn’t, McIngvale is compensated by selling a load of furniture.
It’s a way for Mattress Mack to minimize risk. It’s also a way for Texans to get financially invested in the result of a sports fixture in a state where sports betting is illegal.
Who knows, maybe there would be less appetite for his promotions if Texans could just plunk some money down via some mobile app instead.
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