Mattress Mack Continues Cold Streak with $2.4m Kentucky Derby loss

Jim “Mattress Mack” McIngvale can’t catch a break. The Houston, Texas furniture store owner placed a significant bet on Essential Quality to win the Kentucky Derby this past weekend, only to see the favorite finish in fourth place.

Mack placed a massive $2.4 million bet on the pre-race favorite as a part of a promotion he runs regularly around major sporting events. This year, Mattress Mack offered to give customers their money back on all $3,000+ mattress purchases made before the Kentucky Derby – but only if Essential Quality won.

The business mogul often hedges big bets on major sports events and then runs store promotions around those bets. Earlier this year, he wagered $1 million on the Houston Cougars to win March Madness. The Cougars made it to the Final Four but were topped by the eventual champions, the Baylor Bears.

The Favorite Comes Up Short

For the Kentucky Derby, Mack decided to bet on Essential Quality, as it was the 5-2 favorite to win the 147th Run for the Roses. He pointed out that the past six out of seven Derby’s have seen the favorite win the race, so he felt like it was a good bet.

Mattress Mack’s pick came up short with Medina Spirit earning the win, but Jim will be just fine as the loss means he won’t be refunding a bunch of $3,000+ mattresses.

For jockey Velazquez, it was his fourth Derby win. He is just one win behind the record held by Eddie Arcaro and Bill Hartack.

This time around, there was a crowd at the Kentucky Derby, though smaller than usual. Last year, the race took place in the fall, and no spectators were allowed. This year, Churchill Downs was capped at 50% capacity. A total of 51,838 spectators were in attendance, which marks the largest sports event in the United States since the COVID-19 pandemic began.

Forced to Bet Out of State

For Mattress Mack, every time he wants to place a big sports bet, he has to travel out of state. Which is basically all the time. In Texas, sports betting and casino gambling are illegal. With no options, Mack has to travel to nearby states like Nevada or Colorado to place bets. Sometimes, he travels to the city where a big game is taking place and can bet there if local law permits.

In Texas, legislation is on the table that would make it legal for Mack to place wagers in his home state, at least eventually. However, the measures still have hurdles to clear before legal TX sports betting can become a reality.

HJR 133 is a measure sponsored by Representative John Kuempel, and SJR 49 is a Senate measure introduced by Senator Carol Alvarado. Both measures would legalize casino gambling and sports betting. Proponents like Mack and the Las Vegas Sands Corp have been very vocal about expanding legal gambling in Texas. Las Vegas Sands would like to be one of the operators chosen for a casino in a major city if legalization is approved.

The legislation has to pass the Senate and House by 2/3 majority votes to move forward. Voters must then approve it in a ballot referendum. While there is plenty of support for the effort, there are complicating issues in play. Other proposals are on the table, including one being pushed by Texas sports teams. There is also significant opposition from lawmakers, including Lt. Governor Dan Patrick.

For bettors like Mattress Mack, it would be nice to be able to travel just minutes instead of hundreds of miles to place a sports bet. Big wagers like those Mack places regularly are one reason why the state could benefit from sports betting and casino legalization.