‘Mattress Mack’ Loses $2m Betting Against Kansas City Chiefs

  • Jim “Mattress Mack” McIngvale placed these bets at sportsbooks in Mississippi
  • Bet $1m on both the Houston Texans and Tennessee Titans to beat the Kansas City Chiefs
  • Both bets started well before Patrick Mahomes led the Chiefs to comeback wins
Kansas City Chiefs helmet
Jim “Mattress Mack” McIngvale has lost $2m in two weeks after betting against the Kansas City Chiefs winning their final playoff games. [Image: Shutterstock.com]

Furniture mogul loses again

Jim “Mattress Mack” McIngvale has lost $2m betting against the Kansas City Chiefs in the last two weeks.

The owner of the Gallery Furniture store in Houston initially lost $1m backing the Houston Texans in a moneyline bet a week ago. McIngvale’s hometown team, the Houstan Texans, lost 51-31 to the Chiefs.

On Sunday, the Chiefs once again came out victorious after beating the Tennessee Titans 35-24. McIngvale lost another $1m betting the Titans moneyline, making it two $1m losses in just two weeks.

A game of two halves

Speaking about losing his bets against the Chiefs, McIngvale said:

I thought I had a good moneyline price on both.”

The 68-year-old did note that the two teams he was pulling for both had good starts in their respective games against the Chiefs before fizzling out. 

The Texans had built up a 24-0 lead against the Chiefs before Kansas City scored 41 points without reply during the divisional playoff round. 

The Titans had been leading 10-0 initially and then 17-10 before the Chiefs scored 28 points without reply. This AFC title game ended in a 35-24 win for the team led by star quarterback Patrick Mahomes. McIngvale says he was duped into thinking the Titans running back Derrick Henry was invincible.

McIngvale placed two $500,000 bets on the Titans moneyline (3/1) with different sportsbooks. He placed one bet at the Scarlet Pearl Casino in Mississippi. The other bet of $1m was placed in one go at the Beau Rivage’s BetMGM sportsbook in Biloxi, Mississippi. Both of these sportsbooks are operated by DraftKings.

Known for placing big bets

McIngvale became a news sensation during the MLB playoffs. He lost $11.6m betting on the Houston Astros to win the World Series.

He has admitted to placing these bets to hedge an in-store promotion that was offering. This promotion promised refunds to those who had bought beds worth more than $3,000 from his furniture store. 

If the Astros had won the World Series, he would have been on the hook for about $20m as a result of that promotion. McIngvale benefited from a huge amount of publicity, drumming up great business for his furniture store.