Jim McIngvale, better known as “Mattress Mack,” made history with a $5 million bet on the Cincinnati Bengals, the largest legal sports bet in history. The previous record was set with a $4.9 million wager on the 2002 Super Bowl.
The single money line bet was placed on the caesars Sports betting app in Louisiana, which launched mobile sports betting on January 28.
Last week, McIngvale, owner of Gallery Furniture in Houston, crossed the border from Texas into Louisiana to make a bet of $4.5 million in the Bengalis. If the Cincinnati team wins, he will collect $16.2 million.
McIngvale is known for placing multi-million dollar bets on big games. He lost a $3.25 million bet on the Houston Astros in the World Series last year and a $6 million bet on Alabama to win the college football championship in January.
Mack told CNBC in an interview that he bets on sports as insurance coverage for the sales promotions he runs to attract customers to his Houston-based furniture stores. The current promotion promises a rebate on purchases over $3,000 if the Bengals win the Super Bowl.