Consider that again this year, Houston Cougars fan club leader Jim “Mattress Mac” McIngvale announced he would bet $1 million on the team to win the men’s NCAA Tournament.
At +750, McIngvale will earn $7.5 million at Caesars Sportsbook if the Cougars win March Madness 2024.
The furniture mogul and notorious gambler previously won March Madness with the Cougars and bet $4.05 million on his hometown team in 2023 in an exchange bet.
Last season, Houston was long considered a favorite to win the championship, but lost in a huge Sweet 16 upset to the fifth-seeded Miami Hurricanes.
They are the No. 1 team in the country this year, sitting atop the Big 12 with an overall record of 24-3.
The Cougars return key members of last season’s roster, guards Jamal Shehead and Emmanuel Sharpe, and hire Baylor guard LJ Cryer, who was transferred to replace Marcus Sasser.
McIngvale has always bet on his team in his own backyard, earning $75 million from the Astros when they won the 2022 World Series.
He recently lost $500,000 on the NFL playoff game between the Houston Texans and the Baltimore Ravens, and another $1 million on the College Football Playoff game against Texas in January.
McIngvale is using these sports betting efforts to boost his Gallery Furniture store.
His bet turns into a promotional item that tells customers to buy at least a certain amount. If the team he bet on wins, the item will be free.
The customer pays for the product before winning the bet, and if the bet wins, the buyer simply takes home the receipt for a full refund.
After costing the Astros a whopping $75 million to win the World Series, McIngvale was frustrated with some sportsbooks who were unwilling to act on his actions.
“The industry needs to move up with its goals, not down.” matching veil said At the 2022 SBC Summit North American Conference in New Jersey.
Do you want to bet on college basketball?
Caesars, who have received a ton of money for his actions in recent years, also paid him $30 million of the $75 million he was owed after the Astros’ win.
The following year, Mack forfeited $7.9 million to win the World Series with the Astros, and the Rangers eliminated the Astros from the playoffs.
