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How to Better Promote Racing…a Q & A with Mattress Mack

Jim McIngvale (Mattress Mack) made history when the Houston Astros won the World Series. He made bets that returned $75 million when they won, the largest win ever in the history of sports betting. The bets were tied into a promotion McIngvale has used many times at his Gallery Furniture Stores in Houston. If he wins the bet, his customers get free mattresses.

He's great at getting publicity for himself and his stores, but never had he seen anything like what happened with this bet, the story of which became a huge hit on social media. In particular, B/R Betting, an arm of Bleacher Report, followed McIngvale from Game 1 of the World Series through the team's victory parade and captured the agony and ecstasy of each moment from someone who had $75 million at stake based on the outcome of a baseball game. Mattress Mack content amassed 75 million video views on B/R Betting, which posted the content on Twitter, Instagram and TikTok. McIngvale figures he got millions of dollars in free publicity out of the B/R Betting posts.

It just goes to show that when it comes to promoting his business and himself, McIngvale has no equal. Because of his bet and the publicity it received, McIngvale became as famous as the Astros star players. So what advice does this master promoter have for horse racing and how can it better promote itself? Those were the questions we had for Mattress Mack.

TDN: In what areas should racing focus its attention when it comes to improving the visibility of the sport?

JM: People love gambling stories. Horse racing needs to do more to play on the gambling aspect because these young kids are fascinated by it. When I went to Philly and got into that famous confrontation with some Phillies fans, which was not my finest hour, everybody up there knew me. They all know me from all the exposure I was getting with places like Bleacher Report. Horse racing needs to have more connection to young people through gambling and find ways where people can win a lot of money. Absolutely, we should promote gambling more. In Philly, everyone knew Mattress Mack and knew about my bet on the Astros. They knew me because they saw me on B/R Betting or the Action Network or whatever. What's better? Horse racing or the lottery? There's no comparison. Horse racing is a much better gambling game and they need to get the word out about that.

TDN: You won $75 million on your Astros bet. There is no way for a person to make that kind of money betting on a horse race, even at the Kentucky Derby. What's your answer to that?

JM: No, you can't make that kind of money betting on racing, but you can make racing a better product for the bettor. Do whatever it takes to get bigger fields and lower the takeout. Figure out a way to get 15- or 20-horse fields like they have in England. You do that and all of a sudden you have a different game, a better game. We see far too many races and stakes that have five-horse fields with big favorites. People don't want to bet on that. Increase the size of the fields and give people a chance to gamble on a good product. That's all people want. People are fascinated with gambling, particularly with sports betting. You've also got to lower the takeout to compete. It's 5% when I make a sports bet. In racing it's four times that.

TDN: What did you think of the decision to retire Flightline (Tapit)?

JM: You have to have superstars. Retiring Flightline. I get it. They had to make the money. But what a shame there wasn't a way to keep him around longer. Football has Tom Brady and a bunch of other high-profile players. Baseball doesn't do a good job promoting its stars, but basketball certainly does. You have to create household names and get people excited about a horse appearing here or there. To me, that's really important. They have to find a way to keep these horses running longer so they have a chance to become household names. The game has to figure out how to keep these horses around as long as they are sound because everyone wants to see a superstar. Pay them an appearance fee. Pay them money to just show up, whether they win or lose. That's one way to get horses to stay around. We need more superstars like Zenyatta, who was still running when she was six. She stuck around and built up a huge fan base.

TDN: What's your opinion of fixed-odds wagering on horse racing?

JM: Going to fixed odds would be would be outstanding. When you bet at 3-1 and the horse goes off at 4-5, that's hard to swallow. I get fixed odds on my Astro bets. Fixed odds are the way to go so that way people know what they are going to get for their money. I think fixed odds would be a great benefit because pari-mutuel betting is too complicated for the average person out there.

TDN: What are some of the problems you see with horse racing as it is now?

JM: No. 1, it has to be more transparent. The optics on horse racing are not good when these guys get slapped on the wrist for these drug positives. That's horrible. You can't have people thinking a horse won because it was drugged. We've also got to do more to keep these horses safe. They've got to improve the technology. Dr. [David] Lambert has this device you can put on the horse and it tells you when it's going to red line and something is going to pop. That needs to be done in workouts and when they race and it needs to be done everywhere. When those horses red line and are about to pop they need to stop on those horses. All that stuff is doable. Dr. Lambert and I are working on what we call the Runhappy Wellness program. We want to get the racetracks to put these monitors on the horses so they can tell when something is going to go wrong. They monitor the baseball players and they monitor football players, so why can't we monitor these horses and make it as transparent as possible? The more transparent the better.

TDN: What are other sports doing right that racing isn't?

JM: Take a look at F1 (Formula 1 racing). F1 came to Austin, where my daughter runs a restaurant for us. They had the biggest two days in their history while F1 was in town. Five years ago, F1 was nothing. I asked a sports marketing friend of mine, how did F1 go from nothing to something, from the bottom of the heap to the top? It all comes down to a deal they did with Netflix. They told the story of F1 on Netflix and look what happened. It has turned into one of the hottest sports in the world. Racing needs to come up with some creative ideas like that. If F1 can do it, why can't horse racing?

TDN: Tell us about your experience with B/R Betting.

JM: It was incredible. Those guys do a great job. The guys from Bleacher Report followed me the whole time during the World Series. We also have our own social media team that runs our sports website, Gallerysports.com. The amount of hits was just incredible. They know how to make this work. You put something on TikTok and it blows up exponentially. It's just unbelievable. People like to see the agony and ecstasy of the big bet. They loved the story.

TDN: Your bet on the Astros was tied into a promotion you do at your stores, where people got mattresses for free if the Astros won the World Series. You had to give away an awful lot of mattresses. Did you come out ahead?

JM: I won $75 million and we sold over $70 million in mattresses. It's the greatest promotion ever. After the Astros beat the Yankees, that Sunday was biggest day we've had in 43 years. The following day, Monday, which was a non-holiday Monday, we did 25% more than that. I had to cut the promotion off because I had reached the max in insurance money, which is what I call my bets. I was filled up to capacity. If I had kept going through the World Series, we would have sold another $40 million worth of mattresses. I got $100 million worth of publicity off this Astros bet. The brand awareness of my business increased tenfold in the last two weeks. When I was on that victory parade with the Astros players going through downtown Houston, people were chanting 'Mattress Mack, Mattress Mack.' There were two million people there. How the else do you achieve something like that?

TDN: Are you optimistic about the future of racing?

JM: Yes, because there is so much opportunity to make things better.

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Churchill, FanDuel Enter Into Agreement

Edited Press Release

Churchill Downs Incorporated has entered into a multi-year agreement with FanDuel Group involving different facets of FanDuel's sports wagering, advance deposit wagering and television business.

Under the Agreement, CDI will provide certain technology and services to enable FanDuel's customers to place pari-mutuel wagers on horse racing via FanDuel's sports wagering and ADW platforms. CDI will also authorize wagering on CDI's owned or controlled horse racing content via FanDuel's platforms in the United States and grant FanDuel certain television and media rights to broadcast CDI-owned racing content on FanDuel's television network(s). In addition, the Agreement provides FanDuel non-exclusive Kentucky Derby sponsorship rights within the sports wagering category.

Beginning in January 2023, FanDuel will pay for CDI technology and services provided by United Tote Company to facilitate pari-mutuel wagering on FanDuel's platforms in the United States, including FanDuel Sportsbook and TVG. As previously announced, CDI has entered into an agreement to sell 49% of United Tote to New York Racing Association (NYRA) in a transaction that is expected to close by the end of 2022.

CDI will provide FanDuel wagering rights to horse racing content owned or controlled by CDI, including the Kentucky Derby, and will receive customary content fees when FanDuel accepts wagers on CDI-owned content. FanDuel will also receive exclusive television rights to the racing content of all CDI Thoroughbred racetracks, including Churchill Downs, once its existing non-Derby media rights deal expires in 2023. The Agreement excludes certain specified racing content, including Kentucky Derby Week.

As part of the Agreement, FanDuel will also receive a non-exclusive sponsorship of the Kentucky Derby in the sports wagering category beginning in 2023 in exchange for an annual sponsorship fee.

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The Future of TVG/FanDuel TV: Q&A with Andrew Moore

Some 23 years after it debuted, the TVG network underwent a major shift Thursday, its first day not as TVG but as FanDuel TV. There's a new name and a new direction. Between midnight and noon each day, racing coverage will not exist. Instead, the network will feature a number of shows that focus on sports wagering during those hours. While that may not be well received by TVG's loyal viewers, FanDuel executives insist that racing coverage is not going anywhere. Better yet, they believe they can introduce sports bettors to horse racing and increase racing's popularity and the amount bet on the game. What does it all mean? The TDN sat down with Andrew Moore, Vice President of Racing for the FanDuel group, to get his take on a new era when it comes to FanDuel's relationship with racing.

TDN: As I am sure you know, many racing fans are nervous about the rebranding of TVG and the switch over to programming focusing on sports betting, worried that this is the beginning of the end when it comes to TVG-FanDuel covering racing. Tell us why they need not worry?

AM: This a network people care about deeply and have felt that way for 20 odd years. The talent feels like friends and family to a lot of our regular viewers. They also have very tight bonds to different tracks that we show. It's very emotive. That people are concerned is a testament to what a great thing TVG has been and how much some people love it. From our perspective, we've got to make sure that we keep moving, we keep building and we attract a new audience while at the same time continue to grow and build this great thing that we've spent 23 years investing in.

From a horse racing perspective, we're going to do be doing more. We've got a number of positive things happening when it comes to the content. We will be walking the walk and showing that we are committed to horse racing content. Talk can be cheap but content, deals and commitments will be a matter of walking the walk.

We built something incredible, so why would we change? I know people are saying you're going to sack some of your talent. It's more a matter of we're going to need to hire more people because there will be more races to cover. Yes, there will be some things on in the morning that aren't horse racing that people are not necessarily going to love. But what's been on during that time before has been international horse racing of low quality.

I feel like if we really care about this network, we need to invest in it and this is the most sensible way to invest in it. Leverage the FanDuel brand. We would be doing the network a disservice if we don't lean into this and take advantage of those opportunities.

TDN: During the hours when racing is being shown, will some of that time also be devoted to sports betting? Perhaps, say, with 12 minutes to post at Del Mar, might someone come on and talk about the over-under in the Cubs game? And will there be any opportunities for the talking heads who do the sports betting programs to talk about horse racing?

AM: We will try different things. We will try to do it in a way that fits with the programming in a sense that it doesn't feel jarring. We would avoid a situation where the horses are going down to the start and we switch to a talking head telling you that Mookie Betts is plus 350 to hit a home run tonight and you can make that bet right now with the FanDuel sports book…now let's go back to Matt Carothers and hear what he has to say about this horse's stride.

They are two different subjects and it will never be perfectly seamless. But, we have to do it in a way that is not jarring and is considerate of the current viewer. We will try things. I'd be very surprised if we didn't. Frankly, when there's not a lot going on, if you do it well and have the right people on the air, who's to say that it wouldn't fit? If you're covering Del Mar and talking about the Padres, who are five miles away, that sort of thing would probably work.

It can work both ways. Who's to say we wouldn't have Kay Adams talking about the Derby? What excites me opportunity-wise is how we can feed these things into each other and how they can elevate each other. At the start, we will do things that don't work. That's the nature of taking risks. My job is to grow horse racing. It would be very easy to sit back with our ADW business and say we've got to this position of being No. 1 and, so, we can sit back. That's not the way it works. What is way more exciting is to work on how we can keep bringing in new fans.

TDN: When announcing the renaming of TVG the company also let it be known that it is very close to being able to start taking bets on racing through its traditional sports betting platforms. To have people be able to bet on sports and racing from the same wallet is something racing has longed for for years. Tell us more about the process and what this could mean for horse racing.

AM: We have this massive FanDuel brand which is growing exponentially with sports betting and we are the market leader in that space. We are also the market leader in the horse racing space. They are two separate worlds but there are a lot of ways that they can complement each other, including how we can expose a lot of young fans to horse racing. We felt, in regards to wagering, the best strategy was to put racing into the sports books as a part of ADW wagering and doing so with pari-mutuel wagering rather than fixed odds.

This really started in 2019 when we were working on the FanDuel stand-alone racing app. We leveraged the FanDuel brand, released an app to the market and we learned about customers' habits. What they liked, what they didn't like, all the while trying to attract a new audience. That was launched in 2020. We had a lot of pick up especially during Covid when most of the other sports were shut down.

But it wasn't in the same account wallet and the reason why it wasn't on the same account wallet was because it was really hard technically to do. Sports betting engines and tote engines are different. Tote wallets and sports wallets are different. There has been a lot of technological work that has been done over the past two years to integrate racing and the sport book so that when you log onto the sports book you will be able to bet on horse racing with the same funds you've been using to bet on sports. That was a huge challenge.

We are hoping that we will have this up and running in some states by the first week of October and have more states come on line by the Breeders' Cup. With the Breeders' Cup being such a good wagering product, we'd very much like expose it to our sports betting customers.

TDN: You said the sports book will be taking pari-mutuel bets. That goes against a sentiment in the industry that there has to be a conversion to fixed odds in order for the marriage of sports betting and racing to work. Your thoughts on this?

AM: Fixed odds is an interesting customer proposition but there are regulatory issues and the matter of getting it going in enough states so that it can make an impact. The industry is built on pari-mutuel wagering, as it is in places like Hong Kong and France. There's nothing wrong with that. We've learned a lot through (Betfair), when we tried it in New Jersey and it failed. One of reasons it failed was we didn't have the content and also we could never really stretch beyond New Jersey. Coming back full circle, we are saying, ok, let's put the tote into the sports book because that way we can have all the content and we can also scale out to numerous states because we are already in 33 states with TVG.

I think taking pari-mutuel bets on the sports book has a very good chance of working. Do I think there is a world where pari-mutuel and fixed odds can live together? Absolutely. This is the first step and right now it doesn't involve fixed odds because if we went in that direction we'd be very limited in what we can do with it. Fixed odds is not our focus because it doesn't provide the same opportunities that we will have with pari-mutuel betting. So what we will be doing is giving pari-mutuel every chance of succeeding.

TDN: If FanDuel is successful with its racing product it stands to reason that your competitors will follow. Perhaps, in five or six years, betting on racing will be widely available in the sports betting universe. What sort of opportunity would that be for racing?

AM: We are always trying to grow our audience over time and we will be the first sports book that offers racing. I am very excited about that. We see it as a unique advantage. We are going to be introducing an exiting sport to people that they can watch, make bets on and make bets where there is the chance of a massive payout. Racing has a lot going for it.

When you're talking about the number of people betting on sports you're talking millions. This year, we had more customers on the FanDuel sports book for the Super Bowl than we had in the complete history of TVG. You do not need to grab a huge share of that market to really grow horse racing pools. Eighty percent of wagering on sports is on football, baseball, basketball, hockey, which includes college sports. So 20 percent of the pie left and it includes a lot of sports and racing has an huge advantage over them. If you're not a horse racing person per se, but if you live in New York, you're aware of Belmont, Aqueduct, Saratoga. Everyone knows about the Kentucky Derby. Racing has a very good product that features things other sports don't necessarily have. We have to lean into that edge and capitalize on it.

TDN: So how does the sport capitalize in it? What are some of the ways racing can better position itself to make itself attractive to the sports bettor?

AM: That's the most intriguing part of that, when will customers drift over to racing and how do we execute on that? We will be watching our customer behavior very closely and there's a business fit and there's a customer fit. Suppose we discover that the customers are going to racing at a certain time of the day. This is a complete hypothetical, but let's say we find that for the Thursday night football game we get a lot of horse racing pick up at a certain time, maybe before the game starts. If that's a time when people are actually discovering racing and interacting with racing, we'd love to see the tracks react by offering their best products. Even though it would be Thursday and in the evening hours, how about a major track running and running some big stakes races? It will be a fun exercise to figure out how the customers interact, what customers like and don't like and what we need to give them more of and when.

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With Legalization of Sports Wagering, Renewed Hope That Racing Will Return to Massachusetts

A compromise agreement on a bill authorizing sports betting in Massachusetts was reached Monday, which could be the final piece of the puzzle when it comes to horse racing returning to the Bay State. Behind the scenes, a group of investors has been working to open a new track in the state ever since Suffolk Downs closed its doors in 2019, but understood that their plans would not be practical without there being a source of revenue beyond what can be made off of selling bets. With sports betting about to become a reality in the state and with the bill granting sports betting licenses to anyone operating a racetrack, the group is prepared to move forward and plans to apply to the Massachusetts Racing Commission for a racing license some time this fall.

“When it comes to the project, sports betting has been the catalyst all along because there has to be some sort or of revenue source,” said Lou Raffetto, the former vice president of racing at Suffolk Downs who is advising the group, which calls itself Commonwealth Racing. “We all understand it's not going to come from just racing itself. They are very serious about this and the intent will be that by October we need to apply for a racing license.”

Suffolk Downs' days were numbered in 2014 when the track lost out on a bid to get a casino license. It remained open over the next five years, running short meets that were a requirement to retain its simulcast license. In 2017, the property was sold to HYM Investment Group, which is in the process of converting the land into a mixed-use neighborhood that will include 10,000 housing units.

Without any realistic hope that a Massachusetts Thoroughbred track could cash in on a casino, the sport appeared to be dead in the state, where racing dates back to 1935 when Suffolk first ran. But the principals behind Commonwealth Racing, Armand Janjigian, his wife Robin, and former Suffolk Downs owner Richard Fields, believed they could make this work. While having a sports betting license may not be as a lucrative as operating a casino, it could prove to be enough to make operating a track in the state feasible.

Raffetto said the investors are well beyond the kicking-the-tires stage.

“I've been working for them for well over a year and this is nothing new,” he said. “If you had any idea how much money they have already spent on architects and engineers you'd shake your head and you'd see that they are very serious. They wouldn't be going down this road if they didn't think it was a good business decision. They understand there will be a lot of competition in the sports betting market but they've already spent a lot of money. That's how I know this isn't pie in the sky. They are a lot of smarter than I am and they know what they are doling when it comes to a running a business.”

Their task has been made easier by the fact that the state is holding on to about $22 million that is earmarked for Thoroughbred purses, meaning track owners, at least initially, may not have to contribute much to the purse account. Even though there has not been Thoroughbred racing in the state for more than three years, the industry still receives a cut from slot revenues from Plainridge Park, a Standardbred track. The money keeps piling up.

“The money is there to at least get things going,” Raffetto said. “I am imagining a meet where purses will be similar to what we had at Suffolk toward the end for the festivals. I think we could easily be giving out a half-million dollars each racing day.”

Massachusetts has not had Thoroughbred racing for more than three years | Horsephotos

Raffetto said the group has yet to decide where to build a track, but said two locations are under consideration, both in the western part of the state. Finding a municipality that will allow a racetrack to be built within its borders has been an issue. Commonwealth Racing thought it had found its home when putting forth a proposal to build a track in Sturbridge. Zoning changes were needed to approve an agriculture and zoning overlay district to move the project forward, but, last October, Sturbridge voters rejected a proposal that called for the building of a track and a community center.

“A month from now we will be ready to release the site,” Raffetto said. “We have found two places. Now it's matter of seeing what makes most sense. There are pros and cons to each one.”

The plan is to build a small facility that can comfortably hold 3,000 to 4,000 fans. Raffetto said building the track may cost about $60 million.

“A lot depends on the nature of the facility,” he said. “How big and ornate do you want the facility to be? Are you building permanent barns, are you bringing in barns that would be temporary structures set up just for the meet? If you are going to build a track from scratch, the building, the barns and everything else that goes with it, it probably would end up costing you $60 million for a simple structure. Does it mean that's what we will spend? It could be. Some of the estimates we've gotten have been greater than that. It really depends on the location. It could be $50 million, it could be $90 million. We want a first-class facility, don't get me wrong. But we want something that makes sense in this day and age.”

There is a glut of racing already operating in the Northeast and the horse population shrinks every year, which could make it hard for a new Massachusetts track to find enough horses to put on a show. With that in mind, Raffetto said the plan is to run a short meet, most likely in the fall. In addition, there will be just one racing surface–a grass course.

“Racing the way we knew it, with a track running for 100 or more days, well, the horse flesh is just not there to do that,” he said. “You have to keep it special. Those festival meets we did at Suffolk worked. We're trying to make this more of a festival-type thing rather than an everyday humdrum-type operation. We will have one course–a wide turf course where we can have two or three positions for the rail. Trainers want to run on the grass.”

As far as when the proposed track, which does not yet have a name, might open, Raffetto said it will happen “sooner than a lot of people might expect.” One possibility, he said, is that racing could get underway before the stands are built.

“It wouldn't be something like three years out,” he said. “Who knows? It could wind up being next year.”

Racing isn't expanding. It is contracting. Just last year alone the sport lost Arlington Park and Calder and several tracks are being kept alive only so that their owners can keep their casinos. Can a new track, far removed from a major city, one where the owners have no expectations of profiting from a casino, make it? It won't be easy, but in Massachusetts they appear ready to give it a try.

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