Mattress Mack Set For Largest Gambling Payout Ever If Houston Wins The World Series (1 Viewer)

[Saint Jack]

A two million dollar bet on Houston could end up a twenty million dollar payout if the Astros beat the Braves in the World Series.

https://larrybrownsports.com/baseba...am7wmK38pYm1xXW081_qZp9J9H0c1C0-YvRmaObNS0k8w

 

[melman]

I’d make that bet…here’s my $20…

 

[DaveXA]

2 to make 20 on a WS bet? Dang, I'd do that, even after spotting the Braves a game.

 

[superchuck500]

Oh well.

 

[DaveXA]

Lol, I guess he could afford it.

 

[Zack Lee]

2 to make 20 on a WS bet? Dang, I'd do that, even after spotting the Braves a game.

Yea but I think you would have had to place it before the season. I seem to remember he did this another year (maybe every year). Clearly he gets a lot of press aka advertisement for doing so.

 

[DaveXA]

Yea but I think you would have had to place it before the season. I seem to remember he did this another year (maybe every year). Clearly he gets a lot of press aka advertisement for doing so.

I didn't realize that, but it makes good sense.

 

[superchuck500]

Yea but I think you would have had to place it before the season. I seem to remember he did this another year (maybe every year). Clearly he gets a lot of press aka advertisement for doing so.

I think what he does is places the bet (and you're right it's probably a pre-season prop bet) and then runs a mattress promotion where if you buy a mattress during the promotion and the Astros win, you get your money back. So he basically hedges a possible loss by selling a bunch of mattresses. And if the Astros win, he refunds the mattress sales and still banks $15M (minus the tax).

I don't think a gambling wager can be deducted as a business expense but otherwise it's not a bad strategy if the mattress sales boost is significant.

 

[Zack Lee]

I think what he does it places the bet (and you're right it's probably a pre-season prop bet) and then runs a mattress promotion where if you buy a mattress during the promotion and the Astros win, you get your money back. So he basically hedges a possible loss by selling a bunch of mattresses. And if the Astros win, he refunds the mattress sales and still banks $15M (minus the tax).

I don't think a gambling wager can be deducted as a business expense but otherwise it's not a bad strategy if the mattress sales boost is significant.

Especially not bad if you are into gambling anyway. Keeps you on peoples minds and I bet he does kill it on sales with that.

 

[El Caliente]

I think what he does is places the bet (and you're right it's probably a pre-season prop bet) and then runs a mattress promotion where if you buy a mattress during the promotion and the Astros win, you get your money back. So he basically hedges a possible loss by selling a bunch of mattresses. And if the Astros win, he refunds the mattress sales and still banks $15M (minus the tax).

I don't think a gambling wager can be deducted as a business expense but otherwise it's not a bad strategy if the mattress sales boost is significant.

Yes, he is “hedging” his bet (in case the Astros win the WS) so that he isn’t coming out in the red if he loses. It’s a smart call on his part, and while not every hedge involves a bet at a casino, hedges are very common in finance (especially widen dealing with options).

 

[DaveXA]

Yes, he is “hedging” his bet (in case the Astros win the WS) so that he isn’t coming out in the red if he loses. It’s a smart call on his part, and while not every hedge involves a bet at a casino, hedges are very common in finance (especially widen dealing with options).

Yeah, when I worked as a financial advisor years ago, I used to tell clients part of my investing strategy is, "if you're not hedging your bets, you're doing it wrong". Lol.

 

[El Caliente]

Yeah, when I worked as a financial advisor years ago, I used to tell clients part of my investing strategy is, "if you're not hedging your bets, you're doing it wrong". Lol.

Yes, I’m sitting for the Series 7 now, and covered calls and options are a significant part of the exam. Side note, it’s odd, I worked in commodities for the last 3.5 years, and hedging was the name of the game, but I never had to sit for a Series exam, now that I’m in private banking I am being asked to sit for an exam that covers hedging, but I won’t be dealing in options.

 

[Complex Kid]

Yea but I think you would have had to place it before the season. I seem to remember he did this another year (maybe every year). Clearly he gets a lot of press aka advertisement for doing so.

He's been doing it for a while. When the Astros were terrible it was free if they managed to not lose 100 games that season

'Mattress Mack' says free furniture ... if the Astros win the World Series

If you're bullish on the Astros winning the World Series, there might be some free...

www.chron.com

McIngvale is no stranger to betting on the Astros. In 2014, he refunded $4 million to customers after the team didn't lose 100 games for the third consecutive season.


He also does this promotion for the Super Bowl. I think he lost a few million when Tampa won last year and on the Presidential election as well.

 

[DaveXA]

Yes, I’m sitting for the Series 7 now, and covered calls and options are a significant part of the exam. Side note, it’s odd, I worked in commodities for the last 3.5 years, and hedging was the name of the game, but I never had to sit for a Series exam, now that I’m in private banking I am being asked to sit for an exam that covers hedging, but I won’t be dealing in options.

Yeah, I had my Series 66 and 7 as well as Louisiana insurance license. I didn't do a lot of options, but hedging wasn't always using options, but having holding in sectors opposite what your primary focus is was a way to hedge a bit.

I managed discretionary accounts and depending on the client's risk appetite, would have a certain percentage in cash/money market and fixed income. Also would have some amount opposite primary holdings. But those moves were usually based on the amount of risk exposure in a particular sector.

It was a lot of fun, but the time frame I worked in, 2007-2009 was such a chaotic period, lol. Some people made a lot of money, while others got absolutely crushed.