Mattress Mack Net Worth 2019: How Much Did Jim McIngvale Lose Betting on Houston Astros?
By: Caroline John – Published: November 1, 2019 at 8:04 am
Honoree Jim McIngvale speaks onstage during the Fifth Annual UNICEF Gala Houston 2018 at The Post Oak Houston on May 4, 2018 in Houston, Texas. (Photo by Bob Levey/Getty Images for UNICEF)
*Disclaimer:The estimated net worth numbers are based on our research done on the Internet and are for entertainment purposes only. We do not guarantee the accuracy of these numbers.
Jim “Mattress Mack” McIngvale is one of the most reputed businessmen in Houston, and he’s willing to pour any amount of money into his hometown and customers. The “Saves you money!” entrepreneur has an estimated net worth of $300.0 million in 2019, a fortune largely intact despite incurring massive losses thanks to his tendency to place bets on major league sports. Just how did Mattress Mack build that net worth and what are his most infamous stakes, particularly on the Houston Astros? Find out about Mattress Mack’s exciting financial escapades here.
Jim McIngvale Owns Gallery Furniture
Jim McIngvale was born on February 11, 1951 in Mississippi, graduated from Bishop Lynch High School in Dallas, Texas, and attended the University of North Texas in Denton. With a knack for fast-paced sales pitches, he built the persona of Mattress Mack through his marketing skills.
He started Gallery Furniture in Houston in 1981, with $5,000 of his own and a pickup truck. Despite an investor failing to give him a loan, his business did fairly well.
However, a few months into the business, the setbacks in the oil industry negatively impacted his sales. To salvage his then-fledgling venture, McIngvale put the last of his $10,000 into local commercial spots that aired on two stations.
During the filming of the commercial, he was frustrated by the pace of things, the limited time, repeated takes. So he did a fast ad-lib, pulling out money from his pockets and declaring, “Gallery Furniture saves you money!”
That single moment made for a successful commercial that led to increased sales for Gallery Furniture, gave him his signature phrase, and turned him into Mattress Mack.
Gallery Furniture is now one of the most successful furniture retailers in the country. In the past, it has reportedly earned $150.0 million to $200.0 million in annual revenues.
He owns three stores in Houston and still manages to earn massive revenues despite his reluctance to take his business nationwide. Nonetheless, the inventory has since expanded from inexpensive furniture to more high-end lines.
McIngvale Earns and Loses Big on Sports Bets
Major league sports thrill McIngvale, who played collegiate football. And he’s a major player in the legal sports-betting-through-wagers game.
A huge Houston Astros fan, McIngvale had very high stakes in the team’s 2019 World Series run. He’s bet on the hometown team often, but this time it was big.
A post shared by FOX 26 Houston (@fox26houston) on Oct 1, 2019 at 8:12pm PDT
He put out a “Win it All” promotion this season, in which customers who purchased mattress sets totaling more than $3,000 would get their money back if the Astros won the World Series. The entire idea would be a loss of $20.0 million in refunds had the Astros won.
As the Astros were looking good to win the World Series title, Mattress Mack tried to offset the prospective loss by refunds with more bets on the Astros that escalated as the final games went on.
He bet a total of $10.9 million on the Astros in 2019. He lost an Oct. 1 bet of $3.5 million to win $7.7 million and an Oct. 3 bet of $1.5 million to win $3.3 million.
If the Astros had won the title, he’d have won $18.9 million, the largest amount ever bet on a single team. However, the Astros lost to the Washington Nationals in Game 7 and McIngvale lost the wager.
The Scarlet Pearl Casino Resort in D’Iberville, Mississippi made $6.2 million on bets from McInvgvale, including a $700,000 wager. The most notorious gambler took the loss like a sport, though he does have a little regret.
“I wish the Astros had won, because all the happy customers would tell their friends for the next 20 years about the mattress they got,” said McIngvale. “It’s all about the customers.”
But the loss doesn’t dent McIngvale’s fortune. He wagered smartly based on advice of Las Vegas gambling adviser Anthony Curtis and Steve Heston, a finance professor at the University of Maryland who daily crunched numbers to determine favorable odds as the betting lines changed.
McIngvale did a similar promotion in 2017, when the Astros won their first World Series title. He lost $13.0 million in refunds that year, but the publicity Gallery Furniture got from his gamble made up for it.
He also launched a promotion during Super Bowl XLVIII in 2014, offering refunds on purchases above $6,000 if the Seattle Seahawks won. The Seahawks did win and Gallery Furniture refunded around $7.0 million worth of purchases.
McIngvale Is a Philanthropist
Mattress Mack donates as much as he gambles for his beloved city of Houston. Most recently, he opened the showroom of Gallery Furniture to about 120 people displaced by a tropical storm, Imelda. The people were also treated to warm clothing—a Gallery Furniture sweatshirt—and food from the store’s in-house restaurant.
It wasn’t the first time he provided shelter to hurricane victims. He had first done it during Hurricane Katrina in 2005 and again during Hurricane Harvey in 2017. He also donated $80,000 towards Hurricane Harvey relief.
He donated $500,000 towards cancer research in 2016 and has also given away free Super Bowl tickets and furniture to people.
How did mattress mack get started
By Danica Smithwick | 4:39 PM Mar. 31, 2017 CDT
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Jim "Mattress Mack" McIngvale speaks to businesswomen at CYFEN’s monthly luncheon.[/caption]
Jim “Mattress Mack” McIngvale, owner and operator of the Gallery Furniture franchise in Houston, spoke in March at Cy-Fair Express Network’s monthly luncheon.
McIngvale shared his story and encouraged the guests in their business endeavors. Here are a few things Houstonians may not know about the man who "saves you money":
1. Oral Roberts inspired him to start his business.
About 38 years ago, McIngvale was sacking groceries for $3 an hour in Dallas. When he got fired, he said he went into a depression and felt sorry for himself.
“I felt like I was a victim of circumstance—like a lot of people in this country nowadays,” he said. “I felt like I was entitled to a nice home, nice car [and a] nice job without really having to work for it.”
One Sunday morning he turned the television on to see televangelist Oral Roberts preach about using talents.
“[Roberts] said, ‘Get up, go to work and make something of your life,’” McIngvale said. “I can remember that like it was yesterday. I felt like he was talking to me straight through the television.”
The next day, McIngvale got a job in a furniture store 40 miles from his parents’ home. He did not have a car, so he rode the bus two hours both way every day for 18 months.
At that point, he said he decided he wanted to start his own furniture store, so he called his real estate friend in Houston and secured a location two weeks later. When he told his girlfriend, Linda, they were moving to Houston, she refused at first. After hours of persuasion, she agreed to move—but not before McIngvale agreed to marry her.
2. He moved to Houston with just $5,000 to start his business.
In 1981, McIngvale opened his first store. He said he had very little furniture and would drive up to his supplier in Dallas when they sold out on Saturdays to bring another load back to sell on Sunday.
“All of our friends and neighbors all said we’d never make it,” he said. “They had 10 million reasons why we’d be failures. You can do anything you want to do if you want to do it bad enough.”
3. Much of the profits made at Gallery Furniture are given to charitable causes.
McIngvale has fed about 25,000 Thanksgiving dinners in the last 30 years, and he has furnished hundreds of homes for needy families at Christmastime.
Gallery Furniture has also furnished USO facilities around the world in addition to the George Bush Presidential Library at Texas A&M University.
The St. Luke’s mobile stroke unit was funded by McIngvale, and he is the largest contributor to the Texas Heart Institute.
McIngvale is also one of the largest contributors to the Houston Livestock Show and Rodeo with more than $4 million given.
4. He is funding the world’s first artificial heart.
McIngvale’s father and brother both died of congestive heart failure—a condition that affects the lives of 600,000 Americans every year, he said.
About 2,500 of those people receive heart transplants, but McIngvale is teaming up with doctors Bud Frazier and Daniel Timms to develop a lightweight machine called the BiVACOR.
“Daniel is the inventor, and he gets laughed at a lot,” he said. “All the naysayers are here to say you can’t do it. I’m here to say you can.”
Rovell: Mattress Mack Has At Least $12M in Bets on the Line in World Series Game 7
Wednesday, Oct. 30
Darren Rovell is spending the run-up to Game 7 of the World Series with Jim “Mattress Mack” McIngvale, who has wagered at least $11.6 million on the Astros to win the World Series as a means of hedging a promotion running at his furniture stores that carries north of $20 million in liabilities. In the morning, he decided to fly to Mississippi to place more bets. We’ll put the most recent entries at the top.
5:48 p.m. ET:We’re back from Mississippi and have arrived at the park for tonight’s game. Mack is hosting 30 kids with cancer and their parents tonight for Game 7. He did the same for World Series Game 1, buying tickets for 110 veterans. There’s obviously been a lot of focus on his betting, but his philanthropy is what makes him a local legend.
3:32 p.m. ET:VSiN’s Paul Howard reports that Mack bet another $336,000 on the Astros in Las Vegas via his advisers, professional sports bettors Anthony Curtis and Frank Betti.
I was with McIngvale when word got out of those wagers, and he said simply, “My guys told me they were gonna make some bets.”
The $336K was spread between two books — Circa Sportsbook took $270,000 of it and the Rio took the remaining $66,000. The Circa wager was at -135 odds, meaning it would profit an even $200,000. We’re unsure on the odds for the other wager, but it’s in the same vicinity, which would equate to a
$50,000 profit on the $66K investment.
Here’s a rundown, based on what we’ve been able to confirm, with the bets Mack has riding on the Astros to win the World Series:
1:57 p.m. ET:Mack accidentally wired $700,000 to the Scarlet Pearl Casino. The book agreed to take “only” a $675,000 bet, so they gave him back $25,000 in cash (pictured above). But being the convincing Texan that he is, Mack was able to get the book to accept the full $700,000 bet at -135 odds, meaning he’d profit $518,518 if Houston wins tonight.
That brings his tally to the following (among the bets we’ve been able to confirm). The DraftKings Sportsbook in the Scarlet Pearl Casino has now taken $6.2 million of the $11.625 million in bets accounted for below.
Mattress Mack Net Worth 2020, Biography, Education and Career
Mattress Mack Net Worth 2020, Biography, Education and Career
Mattress Mack Net Worth 2020 –Jim McIngvale is a business man behind the Gallery Furniture franchise. He gained popular attention after Super Bowl XLVIII when he promised a full refund for customers purchasing over $6,000 in furniture if the Seattle Seahawks won the game.
He is also the creator of the mattress line Mack-O-Pedic mattresses.
Mattress Mack Net Worth 2020
Jim McIngvale was born in Starkville, Mississippi in February 1951. He and his wife have three children. Nothing really jumps out from his parents profile.
He played football at both universities under legendary coaches Darrell Royal and Hayden Fry. Mr. McIngvale graduated from Bishop Lynch High School in Dallas, and attended college at the University of Texas and North Texas State University.
He is best known as the owner and operator of the Gallery Furniture retail chain.
He co-authored the book Always Think Big in 2002. He is known for his energetic sales pitches that end in the catch phrase “saves you money!”. He started Gallery Furniture with $5,000 in 1981. After his business started to slow down he took his last $10,000 and invested it into local television commercials in 1983.
The retail chain has been ranked in Furniture Today’s Top 100 Furniture Retailers for many years and sells about $200 million a year. The company ran a promotion for Super Bowl XLVIII offering a refund on any purchase over $6,000 if the Seattle Seahawks won.
When they did the company had to refund an estimated $7 million of furniture purchases. He offered a similar promotion in 2014 if the Houston Astros won 63 or more games during the regular season he would refund the first 500 customers who purchased furniture worth $6,300 or more.
McIngvale started a new line of Mack-O-Pedic mattresses in 2014.
Jim McIngvale is an American businessman who has a net worth of $75 million.
Hard Work, Great Ambition
Jim"Mattress Mack"McIngvale has always believed in God, country, family, and hard work. A tireless powerhouse, Mack is usually found standing at the front desk of the original Gallery Furniture store on North Freeway, greeting every customer and overseeing the sales activities of the store, seven days a week. Mack is the hardest working person you will ever meet! He never stops moving and trying to get better, and his energy is infectious to all who come in contact with this Houston icon.
With only $5,000 and a dream to build the world’s greatest furniture store, Mack started Gallery Furniture under tents on the side of the freeway, over 30 years ago. To Mack, life is about lessons to be learned and opportunities to be seized. With his life’s motto"Grateful for everything, Entitled to nothing"directing his life, Mack has seen his dream grow and become a multi-million dollar enterprise, employing over 400 great American workers and helping to create countless others through his commitment to selling Made in America furniture.
Influencing American Industry
Gallery Furniture is also responsible for growing America’s furniture manufacturing industry. Mack has long felt that an emphasis on high-quality, solid wood furniture was missing from the furniture industry. Too much furniture sold in America today is made overseas, using pressed, composite materials, full of dangerous chemicals, and built using cheap construction techniques that produce furniture that won’t last more than a few years, at most, while leaching dangerous chemicals into the soil and groundwater when it ends up in landfills.
TODAY’s best furniture comes from American craftsman who use solid hardwoods and traditional, time-honored craftsmanship, producing beautiful furniture that can be handed down for generations to come and where value is measured in quality, not quantity. Mack is the country’s strongest proponent of Made in America furniture. As Mack puts it,"by selling Made in America furniture, we’re selling the best furniture made and creating good jobs for Americans."It’s a win-win situation.
"It’s only a start,"says Mack,"but we’re in this for the long haul. After 30-plus years selling furniture, we know our customers want long-lasting furniture at a fair price. And they prefer American-made quality."
While Mack’s promotions are well-known, his philanthropy is legendary."We believe in ‘Capitalism with a Cause,’"explains Mack, when asked why he gives so much to the community, schools, universities and more."Why work so hard if you can’t do something positive with what you earn?"
In fact, his philanthropy is as contagious as his passion for furniture. His work on special projects helped to build the first Mobile Stroke Unit in the USA, for patients in Houston, as well as raise millions for the Bush-Clinton Tsunami Disaster Relief Fund. When there’s a great charitable need, Mack and Gallery Furniture are usually the first to respond, if not spearhead the effort.
For years now, Gallery Furniture has been at the top of the industry in terms of size and earnings per square foot. As the largest independent furniture retailer in Texas — and bigger than most in other states — Mattress Mack knows continual innovation is needed to remain on top. TODAY, Gallery Furniture is enjoying tremendous growth with online marketing and sales, while employing cutting-edge technology on the sales floor, so sales consultants can provide a more personalized experience for customers, demonstrating value and expertise.
Due to overwhelming customer demand for a Gallery Furniture location to serve the massive growth of West Houston bedroom communities, Mack created a new store that sets a new standard for what a furniture store can and should be. The new store on Grand Parkway in Richmond is almost 50% larger than the North Freeway location and has become an anchor within that community, around which a shopping mecca is being built. Gallery Furniture Grand Parkway goes beyond expectations and provides a true community-centered destination, offering an experience that demonstrates why Gallery Furniture is different.
A Respected Houstonian & Great American
Anyone who’s ever worked with Mack knows that he builds his business and performs his acts of charity, not for recognition, but to benefit the community at large. Mack has a huge heart and is focused on helping Houston become the greatest city in America. Mack is one of Houston’s most recognized citizens and has touched the lives of countless Houstonians in a positive way.
Come To Gallery Furniture And Experience For Yourself Why Gallery Furniture Is"The World’s Greatest Furniture Store!"Meet"Mattress Mack"And Get A Picture With Him!