Tag: Mattress Mack

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.”

The post Despite Losing Bet, McInvgale, Racing Come Out Winners appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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McIngvale To Place Derby Bet On Track

Owner James 'Mattress Mack' McIngvale, who earlier this week announced that he would be making a bet in excess of $2-million as a hedge against a promotion in which customers of his Gallery Furniture chain will be refunded in the event that favored Essential Quality (Tapit) prevails, has confirmed that the bet will be placed on site at Churchill Downs in order to maximize the money that goes to purses.

McIngvale has bet through casinos on similar promotions on the World Series and Super Bowl, where he is able to secure fixed odds. But he is committed to placing the bet at Churchill, which allows local horsepeople to benefit most.

“This is the first horse-racing event I've been able to use as a promotion,” said McIngvale. “The people at Churchill Downs have been great working with me on using their trademarks and this and that. Of course, I've been receiving calls from across the country, legal bookmakers wanting me to bet with them, people in some states where they don't contribute much if anything to the [betting] pool. Their pitch is that $2 million won't effect the pool, but you'll get the same odds as you would at Churchill.

He continued, “Well, I don't want to do that, because I'm a horseman. I know what pays those purses is the handle. So all the money I'm betting will be at Churchill Downs. Let's face it, Churchill Downs has to make some money, too, to put on the show. So it's good for Churchill, which is a tremendous track and promoter of horse racing, but most of all it's good for the owners, trainers, jockeys, the backstretch workers who put their life into the game. I didn't want to bet someplace else or offshore. I wanted to go where the track's dollars were maximized and the horse owners' dollars were maximized to support the ecosystem of the entire game.”

The purse account at Churchill receives about 10% of all on-track wagering, so a bet of $2 million will contribute about $200,000 to purses. That number would be half–or less–if the wager were placed through other means.

McIngvale has already wired $4 million to Churchill Downs and plans to spend Derby day at the track.

“I haven't decided how much I'm going to bet. It depends on how many mattresses we sell,” he said. “But it will be at least $2 million. I have to figure whether to bet it all at once, or bet $500,000 three or four different times. How to structure it, whether I want to bet any exactas or just win bets or any place and show bets. I've got a lot of people advising me. I'm just worried about Essential Quality. I hope he wins. He's deserving. It should be a great event. I'm just glad that whatever money I'm betting will go mainly to the horsemen and Churchill Downs, where it deserves to go.”

Marty Maline, executive director of the Kentucky Horsemen's Benevolent Protective Association, applauded McIngvale's move to bet on track.

“When people see these monstrous numbers in total handle wagered on a track's card, they think the horsemen get a tremendous split from all of that,” Maline said. “But there's a huge difference between $100 bet on a racetrack and $100 bet off-track as far as what goes to purses. I certainly don't want to denigrate the ADWs, because that's broadened the market and allowed people to bet who otherwise couldn't. But a bet at the track contributes far more to purses than anywhere else it might be placed. Good for Mattress Mack.”

The post McIngvale To Place Derby Bet On Track appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

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‘I’m A Horseman’: McIngvale Makes Point To Place $2 Million Derby Bet On Track

James McIngvale, the colorful Houston furniture magnate and horse owner known as Mattress Mack, will make the largest wager in Kentucky Derby history Saturday on unbeaten favorite Essential Quality — and he's betting the $2 million or more at Churchill Downs in order to maximize the money that goes toward horsemen's purses.

McIngvale is famous for tying major sporting events into marketing promotions at his Gallery Furniture mega-stores. Customers who spend $3,000 or more on certain mattresses and bed sets in a given time frame get their money back (or 150 percent of what they spent in in-store credit) if the promotion's featured team — or in this case, horse — wins.

Also making headlines are the millions McIngvale has wagered to hedge his bet against giving away so many mattresses. Mack has bet through casinos to cover previous promotions on the World Series and Super Bowl, locking into fixed odds. However, he's making a point to put his money on Essential Quality through the Churchill Downs mutuel windows, where horsemen receive the biggest cut for purses.

McIngvale has a large racing operation best known for 2015 Breeders' Cup Sprint winner and Eclipse Award champion sprinter Runhappy, now a stallion at Claiborne Farm. While no individual has been more heavily involved in horse-racing sponsorships than McIngvale, he said this is the first time he's used the outcome of a horse race as a Gallery Furniture marketing ventures.

“This is the first horse-racing event I've been able to use as a promotion,” said McIngvale. “The people at Churchill Downs have been great working with me on using their trademarks and this and that. Of course, I've been receiving calls from across the country, legal bookmakers wanting me to bet with them, people in some states where they don't contribute much if anything to the (betting) pool. Their pitch is that $2 million won't effect the pool, but you'll get the same odds as you would at Churchill.

“Well, I don't want to do that, because I'm a horseman. I know what pays those purses is the handle. So all the money I'm betting will be at Churchill Downs. Let's face it, Churchill Downs has to make some money, too, to put on the show. So it's good for Churchill, which is a tremendous track and promoter of horse racing, but most of all it's good for the owners, trainers, jockeys, the backstretch workers who put their life into the game. I didn't want to bet someplace else or offshore. I wanted to go where the track's dollars were maximized and the horse owners' dollars were maximized to support the ecosystem of the entire game.”

Churchill Downs' purse account — which funds the money for which owners' racehorses compete at any given track — receives approximately 10 percent of all on-track wagering. So $2 million bet on Essential Quality will reap about $200,000 for purses. The amount would be half or far less if the money were wagered off track through simulcasting, online or at a casino.

McIngvale said he's already wired the funds to Churchill Downs and plans to spend the day at the track.

“I haven't decided how much I'm going to bet. It depends on how many mattresses we sell,” he said. “But it will be at least $2 million. I have to figure whether to bet it all at once, or bet $500,000 three or four different times. How to structure it, whether I want to bet any exactas or just win bets or any place and show bets. I've got a lot of people advising me. I'm just worried about Essential Quality. I hope he wins. He's a deserving. It should be a great event. I'm just glad that whatever money I'm betting will go mainly to the horsemen and Churchill Downs, where it deserves to go.”

Marty Maline, executive director of the Kentucky Horsemen's Benevolent Protective Association, applauded McIngvale's move to bet on track.

“When people see these monstrous numbers in total handle wagered on a track's card, they think the horsemen get a tremendous split from all of that,” Maline said. “But there's a huge difference between $100 bet on a racetrack and $100 bet off-track as far as what goes to purses. I certainly don't want to denigrate the ADWs (online betting platforms), because that's broadened the market and allowed people to bet who otherwise couldn't. But a bet at the track contributes far more to purses than anywhere else it might be placed. Good for Mattress Mack.”

McIngvale, a philanthropist who sheltered storm victims in his furniture showrooms in the wake of Houston's 2019 flooding, also collaborated with Churchill Downs to bring about 300 foster-care parents, alumni and social-service workers to Saturday's Derby.

The post ‘I’m A Horseman’: McIngvale Makes Point To Place $2 Million Derby Bet On Track appeared first on Horse Racing News | Paulick Report.

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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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