Houston's 'Mattress Mack' Loses $10 Million on World Series Bet

Mattress Mack, Bob Levey/Getty Images

Houston's Mattress Mack World Series bet is going to cost him about $10 million after promising customers a $3,000 mattress rebate if the Astros won. Well, time to pay up, Mack!

Jim McIngvale, locally known as Mattress Mack, is a well-loved and respected prominent Houstonian.

"I'm happy for this great city and for the Astros," McIngvale told ESPN. "I can say we still made money on everything." Mack has been promoting the offer since May.

He also placed over $1 million in bets in Vegas on the Astros to win, and made money there as well.

Mack is no stranger to big risky promotions, he made a similar bet with customers in 2014 that the 'Stros couldn't win 63 games. When they won 70, he dutifully paid out.

Don't worry about Mack though, he's covered. He wisely took out insurance against the claim for 10-20% of his losses. Also, Gallery Furniture is so successful that he can probably afford to take the hit. The publicity alone will be well worth the cost.

Mack is known around town for his generosity, even opening his massive store, Gallery Furniture, to refugees of Hurricane Harvey. He also opened his store 12 years earlier to victims of Hurricane Katrina.

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Houston's 'Mattress Mack' Loses $10 Million on World Series Bet