Mattress Mack Loses More Than $3 Million After Placing Bets On TCU To Beat Georgia, But Hedged Like The Genius He Is

Mattress Mack had a chance to win $8 million on Monday night. Instead, he lost more than $3 million.

Jim 'Mattress Mack' McIngvale is famous for placing massive bets on various sporting events and using his wagers as a marketing promotion. He owns and operates the Gallery Furniture retail chain, based in Houston, Texas, and has an estimated net worth in the ballpark of $300 million.

Money, clearly, is not a big concern to the 71-year-old sports legend.

As TCU prepared to square off against Georgia in the College Football Playoff National Championship, Mattress Mack decided to back the Horned Frogs. He placed three bets on the Texas-based university, which was a significant underdog.

Mattress Mack bet $1.5 million on TCU at +370 with DraftKings, $1.5 million on TCU at +400 with Caesars Sportsbook, and $130,000 on TCU at +380 with WynnBet. His wagers totaled $3.13 million and he even dropped a hype video in support of the Horned Frogs.

If the Horned Frogs beat the Bulldogs, the three bets would have returned $8 million.

The bets came with a caveat, however. They always do.

Mattress Mack encouraged his customers to go out and purchase a Tempur-Pedic, Sealy, Stearns, or Foster mattress set for $3,000 or more. If they did, and his bets on TCU won, he was not only going to give those folks their money back, he was going to give them twice the amount of money spent— and they would get to keep the mattress set.

If the Horned Frogs lost, which they did, the people who purchased a mattress set would have to pay full price. It was a gamble for the customers and for Mattress Mack, though mostly for the former.

Mattress Mack may have lost on Monday, but stays winning in life.