In what can only be called a body blow to Louisiana’s gambling industry, furniture mogul and all-around good guy Mattress Mack won a whopping $75 million from a sports bet. This staggering sum has caused Louisiana mobile sports betting revenue to plummet by an astonishing $27 million. Mack has been tight-lipped about his winnings, but as news of his success spreads it is clear that this is bad news for the gambling industry in Louisiana.
Crazy Bets from Mattress Mack
Jim McIngvale, otherwise known as “Mattress Mack”, is a daring entrepreneur who has made his mark in the business world through his vibrant ownership of Gallery Furniture. He also regularly engages in unusual betting and invests heavily with several sportsbooks, including Betfred, Unibet, and Caesars Louisiana Sportsbook, Betfred, and Unibet.
His bravest bet would have to be when he put $10 million down on the Houston Astros winning the World Series – and won! In total, he was able to reap a massive $75 million benefit from this wager, with Caesars receiving $3 million of it when he chose to invest the most in that particular sportsbook. Mattress Mack is certainly one for bucking trends, not just in his career but also on the betting floor.
Moreover, his massive $5 million payout on Betfred is believed to be the greatest amount ever given to a single customer, indicating how successful of a bet Mr. McIngvale had made. As such, it should come as no surprise that he was able to have such a remarkable effect on the sport’s gambling industry in one fell swoop.
Louisiana Sports Betting Figures for November
November was an unexpected month for the state of Louisiana’s mobile sports betting industry, as revenues declined by over 200% compared to the October sports betting figures. In dollars and cents, this meant a drop from $33.4 million in October to a mere $6.4 million in November – an incredible downfall of $27 million within one month.
Such dramatic numbers may not have been expected if Jim “Mattress Mack” McIngvale had correctly forecasted the outcome of the World Series.
However, there were some silver linings despite this plummet: it was reported that November marked the highest total amount of taxes ever contributed from the industry since its legalization – an impressive $6 million.
In addition, Louisiana Gaming Control Board reported that mobile sports wagers achieved a new all-time high. Louisiana online sportsbooks handled a total of $233,703,879 representing a 6.7% increase compared to the previous month, with October hosting the prior record.
Conversely, the state’s retail wagering figures were down by 4.3% in November, dipping from $36,487,715 to $34,935,088. Generally speaking though, this slight decline could not measure up to the success of its mobile counterparts and show promise for the continued growth of sports betting activity in Louisiana moving forward.
Mattress Mack Lastest Wager
After his record-breaking sports betting spree last month, the Houston businessman returned to the tables with an initial bet of $50,000 on the Houston Cougars of NCAA Division I men’s basketball competition.
Although the outcome of this bet remains unknown given that the finals for this basketball championship are only set for next year, McIngvale’s conviction remains strong considering it will take place in his hometown of Houston. All eyes are now on whether there’s more good luck coming McIngvale’s way in 2020.