Mattress Mack Loses $1.2 Million on Kentucky Derby Bet
Picture by Darren Rovell. Pictured: Mattress Mack.
Mattress Mack won $75 million after the Astros beat the Phillies in last year’s World Series. But since then, he’s lost a substantial amount of that profit.
First, he lost $3 million on TCU as it lost 65-7 to Georgia in the College Football Playoff National Championship Game. Then, he wagered $2 million on the Cowboys to beat the 49ers in the NFC Divisional Round. That, too, ended in defeat.
Then, on Saturday, Mack lost $1.2 million betting on the favorite Angel of Empire at +300 odds. The horse trailed the pack the entire race and tried to pull ahead in the final 3/8 mile, only to come up short and finish third, trailing Two Phil’s and the winner Mage.
This isn’t the first Kentucky Derby where Mack — whose real name is Jim McIngvale — has lost big. In 2021, he also put over a million — $2.4 million in fact — on the favorite, Essential Quality.
Akin to this year, Essential Quality finished third, enough to be in the money, but not enough to get Mack his payout returned.
These horse wagers aren’t a part of his promotions — which is how he normally justifies his large wagers.
Ordinarily, Mack uses sports wagers to pay off promotions he runs at his furniture stores. A typical promo affords users who pay $3,000 or more on mattresses a full refund if the local team wins.
Mack then hedges that liability by betting a future on the local team in question.
As a result, the $75 million he won on the Astros is far less contingent on the payout he was liable to pay his customers.
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