Mattress Mack’s Net Worth: How Rich Is He Actually in 2022?

Mattress Mack’s Net Worth: How Rich Is He Actually in 2022? Jim McIngvale, popularly known as Mattress Mack, is a $300 million-plus American businessman. He is best known as the owner and operator of the Gallery Furniture chain centered in Houston.

Mattress Mack is also well-known for placing extremely huge wagers on sporting events, most notably the Houston Astros. His wagers frequently include promotions at his stores in which clients can get a refund on recently purchased mattresses if the Astros win. He then wagers heavily on the Astros in order to offset the cost of the marketing.

For instance, in the run-up to the 2021 World Series, when his Astros faced the Braves, Mattress Mack wagered $3.45 million across a half-dozen sportsbooks. Winning the wager would result in a record-breaking $35.6 million profit, the majority of which would come from the Caesars SportsBook in Las Vegas. He projected that it would cost $22 million to pay the expense of his mattress promotion.

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Considering A Career As Mattress Mack

Jim McIngvale was born in February 1951 in Starkville, Mississippi.

Jim founded Gallery Furniture in 1981 from the back of his pickup truck with $5,000 in his savings. The firm grew slowly but steadily during those early months and years, but when the oil economy struggled, so did virtually every retail establishment in Texas.

Jim invested his final $10,000 in a series of local television commercial spots in 1983. He became frustrated during the production of one of those spots and proceeded to rip money from his pockets while proclaiming “Gallery Furniture saves you money!” The line was a hit with the audience and became his distinctive catchphrase.

Initially concentrated on low-end, affordable furniture, the company expanded into higher-end products over time.

Mattress Mack’s Success

Today, Gallery Furniture is one of the country’s most prosperous independent furniture businesses. At various points in time, its stores earned the highest sales-per-square-foot ratio of any retailer in the United States. According to 2005 statistics, the corporation makes $200 million in annual revenue. Annual revenue was estimated to be around $150 million in a 2015 update.

Mattress Mack’s Philanthropy

Jim enabled his establishments to be utilized as shelters for people during Hurricane Harvey’s onslaught in August 2017.
When Tropical Storm Imelda inundated parts of Houston in 2019, he once again permitted Gallery Furniture outlets to be used as shelters and venues for free meal offerings.

Jim reopened his stores in 2021 during the Texas Power Crisis and Hurricane Ida to serve as shelters, supplies of food, and other emergency comforts, not just in Texas, but also in his Louisiana locations.

Mattress Mack’s Refunds And Bets On Sports

In 2014, the corporation offered a refund on any transaction over $6,000 if the Seattle Seahawks win Super Bowl XLVIII. When the Seahawks won, Mattress Mack refunded approximately $7 million in furniture purchases.

Jim is an ardent supporter of the Houston Astros and is well-known for placing significant wagers on the team. He returned $10 million in client purchases in 2017 after the Astros won the World Series.

Jim launched a campaign at the start of the 2019 season, offering a return on every mattress set purchased for up to $3000 that season. When the Astros won the World Series, this became a $20 million liability. To hedge against possible losses, Jim began betting for the Astros to win the series. Jim has wagered $13 million on a series of bets by October 29, 2019, the night of game 6. The Astros eventually lost the series, which cost Jim $13 million.

Mattress Mack's Refunds And Bets On Sports
Mattress Mack’s Refunds And Bets On Sports

As previously stated in the report, Mattress Mack wagered $3.45 million at a half-dozen sports bookies on the Astros to win the 2021 World Series. If the Astros are successful, the payoff will result in a profit of $35.6 million. Simultaneously, Mack projected that his store return promotion would cost him slightly more than $20 million, making this a true win-win-win situation if the Astros win. Numerous sportsbooks really offered to cash out his wagers prior to the start of the World Series, at a discounted rate. Mack turned down all offers.

Betting On The 2022 Super Bowl

Mattress Mack bet $4.5 million on the Cincinnati Bengals to defeat the Los Angeles Rams in Super Bowl LVI in early February 2022. He placed the wager via the Caesars Sports Book app, making it the highest mobile wager ever placed. He was forced to increase the wager in $20,000 increments due to the app’s per-wage limits. When he placed the wager, he estimated that if the Bengals won, he would make $7.7 million. Additionally, everyone who purchased mattress sets or living room furnishings worth $3,000 will receive a refund.

On February 11, Mattress Mack increased his bet to $5 million on the Bengals. This established the record for the greatest legal sports wager in history. If the Bengals win, he will earn $16.2 million on both wagers.

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