jim mcingvale | Horse Racing Free Tips

Despite Losing Bet, McInvgale, Racing Come Out Winners

Jim “Mattress Mack” McIngvale made what is believed to be the largest losing wager in horse racing history Saturday, as a $2.4-million win bet on Essential Quality (Tapit) went down in flames as the favorite in the GI Kentucky Derby finished fourth. But, for McIngvale, there were no wounds to be licked.

The bet was tied into a promotion at his Gallery Furniture Stores in Houston. Anyone buying a mattress worth $3,000 or more prior to the Derby would get the mattress for free if the betting favorite won the Derby. The promotion was so successful that McIngvale sold about 2,000 mattresses, making their combined value $6 million. McIngvale said the markup on the mattresses was 100%, meaning he would have been out of pocket about $3 million on the mattresses if the horse had won.

Once McIngvale started to do the math, he realized he could create what amounted to a no-lose situation.

With Essential Quality going off at 2.90-1, McIngvale's $2.4-million bet would have turned into a profit of $6,960,000 had he won. That would have been enough to cover the costs associated with giving away so many mattresses for free. The defeat meant that McIngvale was out $2.4 million, but that is less than the near $3 million he made by selling so many mattresses.

“I'm very glad I did it,” McIngvale said Monday. “It made the store really busy for two weeks. Not only did they buy mattresses, they bought a lot of other things. In this crazy age of Amazon retailing, if we don't do something that sets us apart we're going to be put out of business by the Amazon people or by people that sell these inexpensive mattresses in a box. The promotion was great for bringing people out. It was fun. It's too bad Essential Quality didn't win but it was an exciting race and I hear the ratings were good. It was something that gave horse racing a shot in the arm.”

McIngvale has run similar promotions that tied into bets he made on the World Series, the Super Bowl and the NCAA tournament. He made a successful $3.46-million bet on the Tampa By Buccaneers to cover the spread in this year's Super Bowl.

“I was really amazed to find that out that we sold as many mattresses for this as we did for the Super Bowl,” he said.

McIngvale made all $2.4 million of his bets on track at Churchill Downs rather than through an ADW or in Las Vegas. The cut for purses for on-track bets is 10%, which adds up to $240,000 infusion into the purse account. The cut from an ADW bet is just 5%, and had someone in Las Vegas booked his bet, the horsemen would have gotten no money.

“The people in Kentucky were very happy that I bet all this money on track,” he said. “I could have gone to Las Vegas and bet the money with someone out there or bet it offshore. If I did that, the track would have gotten nothing. I wanted to support the ecosystem of horse racing so I made the bet at Churchill Downs. That way we maximized the amount of money that horsemen got, that the ecosystem got. It's crazy that some people in the horse racing business bet with a bookie or go offshore to a place like Costa Rica. They're not supporting racing.”

Prepared to bet more than the $2.4 million, McIngvale had $4 million wired to Churchill Downs before his arrival. He made his bets over time and in increments, starting with a $500,000 wager on Friday.

“We wanted to seed the money into the pool where it wasn't such a shock to the system,” he said. “I didn't want to bet it all early and I didn't want to bet it all late. I wanted to give the betting public a chance to react to my bet.”

With the money having been wired to Churchill before the race, McIngvale wasn't required to make his wagers through a mutuel clerk. He did, however, make a $100,000 win bet at the windows that was staged for the benefit of the NBC cameras.

McIngvale said he will consider bringing the promotion back for future runnings of the Derby.

“The difference between this bet and the sports bets is the best you're going to do on a sports or football bet is +140 or +150,” he said. “With this, I got +280 on the favorite. That's a pretty good deal. The problem is that not too many horse races can handle a bet that big.”

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Churchill Downs Partners With ‘Mattress Mack’ To Host Kentucky Derby Foster Family Initiative

Churchill Downs Racetrack announced today a new partnership with Jim “Mattress Mack” McIngvale that will welcome nearly 300 representatives from Kentucky's foster care sector as guests to the Kentucky Derby.

The first-ever Kentucky Derby Foster Family Initiative connects McIngvale's passion for the life-changing work made possible through the foster care system with Churchill Downs' Louisville nonprofit partners, Maryhurst and Boys & Girls Haven, who locally provide those social services.

McIngvale is a native of Texas and is well-known for using his high-stakes bets on sports as creative marketing promotions for his Houston-based mattress and furniture store, Gallery Furniture. His commitment to foster care work was inspired by his recently-adopted grandson, Brodie, in June 2019. His daughter Laura McIngvale Brown and her husband Phil Brown officially welcomed Brodie into their family after serving as foster parents.

“I have seen firsthand the importance of foster care and Brodie has been a true joy in my life,” McIngvale shared. “I'm thrilled to partner through Churchill Downs with these Louisville nonprofit organizations that work tirelessly to help children and families thrive. I couldn't be happier to help provide them the opportunity to enjoy this year's Kentucky Derby.”

Churchill Downs will be working with long-time charitable partners Maryhurst and Boys & Girls Haven to identify foster parents, alumni and social service workers and staff in the industry to host for the 147th running of the Kentucky Derby.

“We are always excited for the opportunity to use the unforgettable experience of the Kentucky Derby as a platform for good,” said Churchill Downs Racetrack president Mike Anderson. “It's incredibly rewarding when we can combine our charitable goals with a partner like Mattress Mack and give back to those in our community who, through their work or volunteerism, make our city and our world a better place.”

Maryhurst, Kentucky's oldest child-serving nonprofit organization, works to prevent abuse, restore hope and empower survivors of trauma and abuse. Maryhurst provides community-based counseling and wellbeing services, residential treatment and community and transitional living support.

“We are so grateful for our long standing partnership with Churchill Downs,” said Micah Jorrisch, vice president of external relations for Maryhurst. “This generous donation from Mattress Mack has presented a wonderful chance to recognize professionals and foster families who work tirelessly to ensure that every child in Kentucky has the opportunity to thrive.”

Boys & Girls Haven is a nonprofit transforming the lives of abandoned, abused and neglected children. Their programs include in-home foster care, residential foster care, transitional living, independence readiness and Haven family services.

“For over 70 years, we have provided a home and a future for our community's most vulnerable young people,” said Amanda Masterson, CEO of Boys and Girls Haven. “We are proud to be a part of the Kentucky Derby Foster Family Initiative; we are grateful for the support and ongoing partnership with Churchill Downs.”

The post Churchill Downs Partners With ‘Mattress Mack’ To Host Kentucky Derby Foster Family Initiative appeared first on Horse Racing News | Paulick Report.

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McIngvale to Make Largest Bet in Derby History

Owner Jim “Mattress Mack” McIngvale is planning to bet at least $2 million to win on Essential Quality (Tapit) in Saturday's GI Kentucky Derby as a hedge to cover the costs of a furniture promotion underway at his Gallery Furniture stores. It is believed that McIngvale's bet will be the largest ever placed on the Derby or any U.S. horse race.

McIngvale has already launched the “Kentucky Derby Fave Wins, You Win” promotion. Anyone buying a mattress that costs $3,000 or more will receive a 100% refund if the favorite wins the race. Costumers will also have the option of receiving a store credit of 150% of the price paid for the mattress. McIngvale won't know until Saturday exactly how many mattresses his stores will have sold in relation to the promotion but says it will likely be around “a couple thousand.”

Once he has determined how many mattresses have been sold, McIngvale will bet enough on Essential Quality to cover the losses incurred by the promotion. He says he will bet at least $2 million and could bet as much as $4 million.

“The favorite has won the Derby six out of the last seven times and if that happens this year the people who bought the mattresses will get 100% of their money back,” he said. “We have gotten a lot of response so far and expect a lot more response over the next five days.”

It is expected that Essential Quality will go off at about 5-2. At that price, a $2-million win bet will return a profit of

$5 million, which will pay for an awful lot of mattresses.

“In this day and age of Amazon, we bricks and mortar guys have to do something to be different, something to stand out,” he said.

In 2019, the last time the race was run on the first Saturday in May, there was $41.8 million in the win pool. A $2-million bet would account for about 5% of the pool, more than enough to lower the odds on Essential Quality. The race favorite that year, Improbable (City Zip), had $6.9 million wagered on him to win. He went off at 4-1.

“I'm going to wire the money into Churchill, probably on Thursday,” McIngvale said. “When it gets closer to the race I will figure out how many mattresses we have sold, add up the total, and then I'll figure out how much to bet on the favorite to win the Kentucky Derby. It's going to be great for the other people too because it will make the other 19 horses a better value than they would be if I hadn't made a big bet.

“I'm better off if the horse wins, by a 10-1 margin because people will tell all their friends about this and the word of mouth publicity if he wins will be off the charts. The good thing about horse racing is you can bet as much as you want to because it is pari-mutuel wagering and the Derby is a race with huge handle.”

McIngvale is confident Essential Quality can get the job done.

“He's won all his races, was the champion 2-year-old and is by Tapit, the best sire in the country,” McIngvale said. “So you have to like the horse. There's nothing not to like about him.”

McIngvale is used to making huge wagers, many of which he ties in with store promotions. He made a huge, losing bet on the Houston Astros to win the 2019 World Series. Earlier this year, he successfully bet $3.5 million on the Tampa Bay Buccaneers to cover the spread in the Super Bowl. Does he still get nervous when betting that much?

“I'm more nervous watching one of my horses run in a $10,000 claimer,” he said. “I don't get nervous doing this. To me, it's fun and exciting and it's exciting for the customers.”

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Runhappy is Soaring, and McIngvale is On a Winning Streak

Mattress Mack is having some month.

When Alluring Lady (Runhappy) won a maiden special weight race at Aqueduct on Jan. 24, the filly's victory kicked off a torrid streak for her sire. Over a 25-day period, she was one of eight Runhappys to win a race, a list that includes his first stakes winner, Gander S. winner Nicky The Vest.

The Aqueduct winner came just 14 days before Jim McIngvale won the biggest bet of his life, cashing for $3.2 million after betting on the Tampa Bay Buccaneers to cover the spread in the Super Bowl. On Thursday, Whoopi Goldberg, on her show The View, suggested that McIngvale be honored with the Presidential Medal of Freedom for his on-going efforts to provide, food, heat and shelter for residents of Houston that have been hit hard by the vicious winter storm.

“We have an obligation and a responsibility to help the people because they have helped us so much,” said McIngvale, who has provided shelter for hundreds of people at his Houston furniture store.

Runhappy's sudden success would have been hard to predict back in the early fall. McIngvale was offering a $100,000 bonus to any offspring of Runhappy that won an open maiden race at Saratoga, the summer meet at Del Mar or Kentucky Downs. Not only did the sire fail to produce a winner at any of those three meets, but his progeny was struggling throughout the country. Through September, he had produced just two winners.

“I certainly never gave up on him,” McIngvale said. “I did that 2-year-old bonus that created a lot of hype and then my sister-in-law reminded me that the great Runhappy didn't win his first race until December of his 2-year old year. I made a boneheaded mistake promoting him like I did when his first crop was just two.”

What McIngvale didn't know at the time was that the Runhappys would turn out to be late developers that prefer going a distance, a surprise since the sire was the 2015 Eclipse Award winning sprinter.

“The people from Claiborne kept telling me that the great Bull Hancock always said you can't judge a stallion until their first crop has gotten through their whole 4-year-old year,” he said. “I believe in the Claiborne philosophy. Certainly, his 3-year-olds are, so far, doing very well. Win, lose or draw, I'm always pleased with Runhappy, but right now he is on a roll.”

The streak has vaulted Runhappy to the number three spot in earnings on the TDN's year-to-date second crop sire list, where he leads by winners with nine.

Among the recent winners, Nicky the Vest could turn out to be the best. A New York-bred owned by Robert LaPenta and trained by Jonathan Thomas, he kicked off his career with a maiden win in December before romping by 11 3/4 lengths in the Gander. His connections have said they will look for a traditional prep for the GI Kentucky Derby for his next start.

“I am very excited about Nicky the Vest,” McIngvale said. “He's got great connections behind him and they absolutely know what they're doing. He is exciting and so is the horse (Run Classic) that won other day at Fair Grounds. There are a lot of exciting Runhappys out there.”

McIngvale owns several Runhappys, but has had little success with them. He said that should change later on this year.

“We have a lot of quality 2-year-olds by Runhappy,” he said. “With our 3-year-olds, a couple of them have had some nagging injuries and are still coming around. We're really optimistic about the 2-year-olds. We've got some nice ones that are fast.”

Before the streak began, Runhappy's stud fee for this year was cut from $25,000 to $10,000. Had they had more time to make a decision, that may not have happened. But McIngvale said he is fine with the new fee.

“I am a value guy,” McIngvale said. “Cutting the stud fee makes Runhappy the best value in the stallion book, especially considering what he has done recently. He should have a good year. We're in this for the long term and not just for one season.”

While the new stud fee may cost McIngvale some money, he's in a good position to absorb some of the loss. When he bets, he bets a lot. Just prior to the Super Bowl, McIngvale flew to Colorado, where sports betting is legal, and bet $3.46 million on the Bucs after logging on to a DraftKings mobile betting app. He got Tampa Bay and Tom Brady at +3.5 points. With Tampa crushing Kansas City, the outcome of his bet was never in serious doubt.

“There wasn't a lot of tension in that game so I didn't have to sweat it out or throw anything at the television,” he said.

McIngvale often links his large wagers to promotions at his stores, Gallery Furniture. But for now, he's more focused on helping out a community in need. He said he decided to open his stores up to the public after driving down a Houston street and witnessing paramedics deal with a homeless person who had apparently died of exposure.

“We hope to be back to normalcy,” he said. “But until then, we're here for Houston because tough times never last for us Texans. Tough people do. And we're tough Texans.”

He has also been busy putting together a new ad campaign for Runhappy, which debuted this week. McIngvale is still quite the promoter and this time he has something to promote.

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