Texas Sports Betting Legend Lost Big World Series Bet

Jim “Mattress Mack” McIngvale has long been a Texas sports betting legend. Over the years, the Houston-area furniture store owner has garnered a cult following for the massive wagers he places on futures. Especially when it comes to betting on the MLB World Series.

In the past, this tendency has made him tens of millions of dollars—money he has used to subsidize massive sales promotions he runs at his stores. This year, however, Mattress Mack lost his World Series bet. And he lost big.

According to Vegas Insider Reporter Patrick Everson, McIngvale ended up losing “at least” $7.9 million after he bet on the Houston Astros to win the 2023 World Series. Had he won, McIngvale reportedly would have net himself over $50 million in winnings:

1/ "Sometimes you get rained out, and you don't look back." – Jim McIngvale (@MattressMack), in a brief phone call moments ago.

McIngvale had at least $7.9 million on the Astros to win the #WorldSeries, at various odds. For a potential win of $50.9 million.

— Patrick Everson (@PatrickE_Vegas) October 24, 2023

This loss is infinitely more painful, from afar, given how close the Astros came to making the championship round. Houston lasted seven games in the American League Championship Series, ultimately falling one win shy of a World Series Cameo. It is even more painful knowing their opponent is an interstate rival. The Texas Rangers are headed to the 2023 MLB World Series to face the National League representative Arizona Diamondback instead.

Of course, this gargantuan loss by Mattress Mack raises a couple of questions. How is a mogul from The Lone Star State gambling so much on baseball when sports betting in Texas remains illegal? And what’s more, how much money is the state of Texas potentially missing out on in MLB playoff betting and, now, World Series betting given how far two in-state teams made it? Let’s get into the entire discussion.

How Did Mattress Mack End Up Placing Such a Large Bet on the Houston Astros to Win the World Series?

Even by the scale of Mattress Mack’s typical betting, the potential payout on this one loomed pretty large. And apparently, that’s because he saddled himself with a ton of risk, wagering on the Astros to win it all when their MLB playoff odds were in shambles. CBS Sports’ Bengel elaborated further:

“In late September, the Astros were in danger of not qualifying for the playoffs. At that time, McIngvale announced that he had placed a $1 million bet on the team to win the World Series at +1100 odds at Caesars Sportsbook. That marked the longest odds that the Astros had at any point during the 2023 season. McIngvale [also] placed the following bets on the Astros to win the World Series throughout the year:

Spring training: $1.9 million at +600 to win $11.4 million at Caesars Sportsbook

Sept. 15: $2 million at +600 to win $12 million at DraftKings

Sept. 27: $1 million at +1100 to win $11 million at Caesars Sportsbook

Pre-ALDS: $2 million at +450 to win $9 million

The Astros did finish the 2023 regular season by winning the American League West on the final day of the year. As a result of winning its division, Houston's odds drastically decreased and had the best odds of any team to win the World Series at most sportsbooks.”

Make no mistake, this is a lot of money. It also, somehow, pales in comparison to the $75 million he won with his Houston Astros World Series betting in 2022.

This brings us to the “how” of it all. Texas sports betting isn’t legal, after all. And McIngvale is considered a Texas resident. Like all other Texans, though, he doesn’t need to remain in-state to gamble. He can visit a retail sportsbook in another state or journey outside Texas and bet with any number of online sportsbooks in the United States.

Theoretically, this option is available to everyone. But Mack’s resources are, as you might have guessed, beyond extension. Some may struggle to make the trek to place wagers. And this, in turn, brings us back to the future of sports betting in Texas.

What’s the Status of Texas Sports Betting?

To put it succinctly, there is no concrete timeline for the legalization of Texas sports betting. Officials from the House of Representatives and Senate remain fairly split on the matter, and it isn’t immediately clear how much of a priority it will be during the next round of legislative meetings.

On top of that, even endorsements from House and Senate members may not matter. Lieutenant Governor Dan Patrick is a staunch opponent of sports gambling in Texas and has repeatedly thwarted attempts to get the discussion moving. Many expect him to continue this actionable trend if and when Texas sports betting ever makes it back to the Senate floor.

Still, no matter which side of the fence you land on, there’s no denying that The Lone Star State is passing on some serious coin. Just look at their MLB betting potential alone from this season. Two Texas teams made the American League Championship Series. And now, one Texas team is repping the state in the World Series. There would no doubt be a mad rush by users to place wagers on Diamondbacks vs. Rangers if they were legally allowed to do so.

Certain Texans will nevertheless find a way. They will, in fact, follow Mattress Mack’s lead, traveling to another state to place their wagers. That may not rankle some Texas officials. They claim the state economy is good, and opposition to Texas sports betting is often rooted in concern for what it’d mean to the commercialization of the casino industry.

Regardless, whenever you’re talking about this amount of money, it’s a notable sacrifice. Consider the $8 million McIngvale lost betting on the Astros to win the World Series alone. Between 10 and 15 percent of that could have gone to the state, depending on their tax rate. Indeed, this isn’t quite how the sports betting tax works. But McIngvale’s own wagers, coupled with the success of the state’s MLB teams, is proof that the absence of Texas sports betting remains a missed financial opportunity.

Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs: