Jim McIngvale bets $1m with DraftKings for March Madness
Gallery Furniture owner Jim McIngvale’s bet of $1m is one of the largest March Madness wagers ever recorded.
McIngvale has placed $1m on Houston Cougars to win the tournament, the current odds stand at 9/1 which would net him a sizable $9m win if it comes off. While Matress Mack – as he is known – is no stranger to high-profile wagers, this latest stake would eclipse his winning $3.46m bet on Tampa bay Buccaneers in February’s Super Bowl.
“Anything can happen in March Madness as we all know, but I’m 10 toes down on Houston to bring the national title to Texas, and willing to stake a million dollars with DraftKings on that outcome,” McIngvale said.
DraftKings director of race and sports, Johnny Avello added: “Mack has established himself in the sports betting community with several historic wagers over the years, and we are thrilled to take his latest action on Houston at 9-1 to win the NCAA Tournament.
“Houston has had a fine year and favorable start to the tournament, so we wish Mack the best of luck on his million-dollar bet as these highly entertaining and more advanced stages of March Madness unfold.”
In the past McIngvale has used such bets to hedge against major promotions across his enterprise. Whilst there is no equivalent offer in place at present, McIngvale has said that there could be a potential promotion for the Final Four should Houston make it.
The March Madness tournament currently sits at the Sweet 16 round, with the second seed, Houston Cougars set to face No. 11 Syracuse. If Houston wins both games, they will face number eight and 12 seeded teams.
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