'Mattress Mack' to bet $3.5M on Astros to win World Series

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The Houston Astros are once again among the favorites to capture the World Series championship, and one local mattress store owner is betting millions on the club winning its second title in three years.

Gallery Furniture owner Jim McIngvale is set to place a $3.5-million wager on the Astros at the DraftKings Sportsbook at the Scarlet Pearl Casino in Mississippi on Tuesday, the casino stated, according to Patrick Everson of Covers.

By the end of the week, "Mattress Mack" could bet up to $10 million for a payout north of $20 million, according to David Purdum of ESPN.

It's all part of McIngvale's "Win It All" promotion with Gallery Furniture, which will pay out a 100% refund or 150% in-store credit on any mattress of at least $3,000 should Houston win the World Series. The promotion is nothing new, though the $3,000 minimum is the lowest ever offered by the store.

McIngvale estimates that an Astros championship would come with a $15-million price tag for his shop, which he's helping offset with a series of legal sports wagers.

He took the same approach in 2017 when he bet more than $1 million across Las Vegas ahead of the World Series to offset losses from his promotion, Purdum adds.

Sure enough, McIngvale paid out more than $13 million in refunds that year when the Astros beat the Dodgers in a thrilling seven-game series. He lost only $1 million overall thanks to insurance and his calculated hedge bets, according to Arash Markazi of the Los Angeles Times.

McIngvale also bet on Houston to win in 2018, including a $150,000 wager at 9-5 odds, according to Purdum. The team lost to the Boston Red Sox in five games in the American League Championship Series.

"Mattress Mack" says the Astros' deadline deal for Zack Greinke spurred interest in this year's promotion, as did Houston finishing with the best record in baseball. He hasn't had as much success with insurance this time around and has struggled to find the same business this year in Las Vegas after cleaning out books in 2017, he told David Barron of the Houston Chronicle.

The Astros' odds were longer two years ago, but one massive bet on a likely winner - Houston is a 2-1 favorite at most shops - is still a huge risk for whichever book takes his action. McIngvale declined to bet $200,000 at 5-1 odds at Circa earlier this summer and also turned down a $200,000 bet at 2-1 this week, Everson reports.

Instead, the mattress owner turned to DraftKings for his sizable $3.5-million bet at 11-5 odds, which would pay out $7.7 million if the Astros win. He risked $200,000 at 5-2 odds on Sept. 24 at the South Point in Las Vegas, where he also placed a sizable wager in 2017.

If McIngvale manages to bet $10 million total at roughly 2-1 odds, he could net $5 million regardless of the outcome of the World Series - in addition to the marketing interest in his store.

The promotion is scheduled to end Tuesday, while the Astros host either the Oakland Athletics or Tampa Bay Rays on Friday.

C Jackson Cowart is a betting writer for theScore. He's an award-winning journalist with stops at The Charlotte Observer, The San Diego Union-Tribune, The Times Herald-Record, and BetChicago. He's also a proud graduate of UNC-Chapel Hill, and his love of sweet tea is rivaled only by that of a juicy prop bet. Find him on Twitter @CJacksonCowart.